New York jazz center wants $327,500 pledged by insurance executive

Advertisement

A performing arts center for jazz in New York says a Pennsylvania insurance executive owes it $327,500 of a promised donation.

Jazz at Lincoln Center, the world’s largest performing-arts center for jazz, is discussing a settlement with Andre V. Duggin, CEO of AV International, one of the largest minority-controlled U.S. insurance companies, according to Bloomberg.

Jazz at Lincoln Center sued Duggin April 15, saying he reneged on his commitment to donate $500,000 over five years, The suit seeks the $227,500 the center says it is owed, along with $100,00 due next December, interest and attorney’s fees.

Duggin, on June 16, 2005, two weeks after joining the center’s board, wrote that he would contribute the $500,000 to the organization’s “capital fund drive,” according to the report, citing the lawsuit. A plaque was hung recognizing his donation on the wall of Frederick P. Rose Hall.

Duggin made the first $100,000 payment in December 2005, using shares of UnitedHealth Group Inc., the health insurer. Duggin didn’t make the next payment until four months after it was due in December 2006. Again, he used UnitedHealth shares, which the center sold for $99,412.50, the service said.

The 2007 and 2008 payments never came, the center said in the suit. In January 2008, Duggin told the center it would not receive additional money, and he resigned from the board late last year, according to a separate news report.

The suit also alleges Duggin failed to pay $27,500 he pledged associated with galas in 2006 and 2007.

Leave a Comment

Follow IFAwebnews: 
Important links and updates throughout the day via Twitter Join IFAwebnews’ Insurance News group on LinkedIn.com Become a fan of IFAwebnewss Insurance News on Facebook Feeds for all the ourinsurance news or just the lines you need. Insurance news delivered to your inbox
© 2012 New Horizon Group, Inc. :: Insurance & Financial Advisor | IFAwebnews.com :: NS 175 queries. 0.533 seconds.
Entries RSS Comments RSS