AXA Sues ING Over 2008 Deal
NEW YORK (
) --
AXA
( AXA) has brought a lawsuit against Dutch insurer
ING
(ING) - Get Report
, claiming that it lost millions of dollars from an acquisition that was completed in 2008.
AXA claims that the financial health of Fianzas, a Mexican bond insurance company that AXA acquired with ING Seguros for $1.5 billion was much worse than ING let on and the bonds were not properly backed, according to a
AXA also is alleging that it overpaid for Fianzas, which, at the time, was given a valuation of up to $162 million from ING. AXA sold the bond unit for $2.74 million earlier this year.
--Written by Maria Woehr in New York.
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