Forbes billionaire Bruce Levenson, former co-owner of the Atlanta Hawks basketball franchise and Phillips Arena, is heading to court. The former ownership group of the Atlanta Hawks(AHBE), which Levenson is a controlling partner of, filed a lawsuit against New Hampshire Insurance Company for breach of contract. The alleged breach of contract involves settling claims filed by Danny Ferry, the Atlanta Hawks former general manager.
According to legal documents, the AHBE paid Ferry an undisclosed sum of money to terminate his six-year, $18 million contract. Two months prior to the agreement being reached, AHBE notified New Hampshire Insurance that Danny Ferry would be requesting a settlement and that they believed it would be covered by their policy, which insured them against losses related to employment practices. The lawsuit, filed in the Superior Court of Fulton County, states that the insurance company failed to pay losses that they were contracted to cover. The AHBE is also seeking legal fees and a 50 percent penalty of the unpaid loss, according to AJC.com
Bruce Levenson is a co-founder of the United Communications Group and an owner of Atlanta Spirit, LLC. Born in Washington D.C., Mr. Levenson is active in numerous charity organizations, including Community Foundation of Washington, D.C. and the Hoop Dreams Foundation. He earned an undergraduates degree at Washington University and received a law degree from American University. Mr. Levenson is a proud father of three sons and divides his time between Potomac, Maryland and Atlanta, Georgia.