Live Nation Files $10m Lawsuit Over Insurance Coverage

LOS ANGELES (CelebrityAccess MediaWire) — Live Nation Entertainment Inc. has filed a $10 million against an insurer, alleging that the company wrongfully denied coverage for class action suits pending against Live Nation subsidiary Ticketmaster.

According to Thomson Reuters, the suit, filed in Los Angeles County Superior Court against Lloyd’s London Beazley Furlonge Inc., alleges that the company breached contract with Ticketmaster by refusing to honor their obligations under the policy.

Live Nation also alleges that Beazley Furlonge failed to investigate Ticketmaster’s claims objectively and diligently, tried to impose impermissible conditions and mislead Ticketmaster by falsely promising indemnification.

Live Nation seeks declaratory relief and over $10 million in compensatory and punitive damages, costs and expenses.

The class action suits against Ticketmaster were related to charges that the company inflated secondary ticket market prices at their subsidiary TicketsNow by rigging their computer system to create artficial shortages in the primary ticket market. – CelebrityAccess Staff Writers

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