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...

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