Former Walt Disney President Michael Ovitz has filed a $2.5 Million bad faith breach of contract lawsuit against insurance company American International Group (AIG) and Chartis Property Casualty Co. for allegedly failing to reimburse Ovitz for a lost Richard Prince work. “While Defendants ultimately acknowledged coverage and full insurance benefits for another loss under almost identical circumstances, Defendants steadfastly, unreasonably, and without probable cause, refused to provide coverage for the loss at issue herein,” and thus represented bad faith, the suit says.
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