AXA Says Genworth Will Owe Tax On PPI Misselling Award

Law360, London (February 4, 2020, 2:28 PM GMT) -- French insurer AXA told a High Court judge overseeing an upcoming trial that Genworth Financial should cover the income tax attached to any compensation it is ordered to pay for wrongly selling controversial loan insurance.

Genworth agreed under a share purchase agreement to pick up the bill charged by British and French tax collectors in connection with the sale of two former subsidiaries of the U.S. insurer in 2015, AXA claimed in a court filing dated Jan. 28.

The High Court ruled late last year that Genworth Financial Inc. must compensate AXA for 90% of all relevant losses connected to payment...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!