AXA Fights For £500M From Genworth In PPI Misselling Trial

Law360, London (June 15, 2020, 8:01 PM BST) -- AXA argued at trial Monday that insurer Genworth Financial should have to pay £500 million ($629 million) to cover AXA's costs for reimbursing customers for missold payment protection insurance after acquiring two Genworth units.

The insurer kicked off its bid for nearly £500 million worth of damages before High Court Judge Simon Bryan after he ruled in December that U.S.-based Genworth Financial Inc. and a subsidiary must compensate AXA for settlements and losses linked to the controversial financial insurance.

During the trial over just how much it owes, Genworth disputed the figure AXA had presented to the court, saying it could...

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