Genworth Denies AXA's Tax Claim Over PPI Award

Law360, London (February 25, 2020, 5:18 PM GMT) -- Insurer Genworth told a London judge that an upcoming damages trial over how much it owes rival AXA over improperly sold payment protection insurance shouldn't delve into what kind of tax bill the French insurer might face on the award. 

AXA SA is only owed taxes if the French company has an “enforceable obligation” requiring it to pay taxes on the court’s award, Genworth Financial Inc. claimed Friday in a defense filing with the High Court.

An English court ruled late last year that Genworth must compensate AXA for 90% of all relevant losses connected to payment protection insurance sold by...

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