Article ID: b44510a2fdc3e6558ef35c1b845456dbae3a59c36de1d6391d9ebc0f73ee4d28
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URL: https://www.businessinsurance.com/aig-unit-l-a-real-estate-developer-settle-over-mall-damage/
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AIG unit, L.A. real estate developer settle over mall damage - Business Insurance Skip to content Register for free Search Search Log In Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2025 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers AIG unit, L.A. real estate developer settle over mall damage by Richard Sine Wikimedia Commons/Tomharlyu Claims Disputes , Property AIG Jun 26, 2026 An American International Group unit and prominent real estate developer Rick Caruso have settled a lawsuit claiming that the insurer spent nearly a decade delaying and then partly denying a property damage claim on a Los Angeles-area shopping center. The settlement was noted in a filing dismissing the case on Wednesday. Terms were not disclosed. Caruso Management and The Commons at Calabasas, which together own and manage the 215,000-square-foot Commons at Calabasas retail center, alleged in the October 2024 suit that Lexington Insurance breached its contract and the implied covenant of good faith and fair dealing after years of paying incremental claims tied to foundation slab damage at the property. The plaintiffs said they first reported cracking and sloping floors in a former Rite Aid space in late 2014, and that an engineering firm traced swelling in the underlying slab to a chemical reaction in the soil. Lexington paid nearly $2 million in repair and business-interruption costs between 2016 and 2020 as the damage spread to other tenant spaces, the complaint stated. According to the complaint, Lexington’s posture shifted in 2019 after it received an estimate projecting that repair costs could reach tens of millions of dollars. The insurer allegedly then hired a second engineering firm to conduct a document-only review and made more than 100 additional information requests before denying coverage for some units, claiming that the center knew about the problems before 2014. Mr. Caruso, the founder of Caruso Management, ran for Los Angeles mayor in 2022, losing in a runoff to Karen Bass. 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