Gemstar-TV Guide Sues Insurance Co.12/30/2005 5:28 AM Eastern
Gemstar-TV Guide International Inc. filed a lawsuit against National Union Fire Insurance Co. Thursday, AP reported.
The suit, filed in U.S. District Court in Los Angeles, claimed that its coverage was paid through Oct. 10, 2002 -- the same year an audit revealed that Gemstar had overstated company revenue. Gemstar said the coverage should apply to claims brought over its accounting practices against its directors or the company itself, according to AP.
Gemstar-TV Guide is attempting to recover $50 million in liability coverage, AP reported.
The American International Group Inc. unit has “neither denied coverage nor provided it” for claims related to the accounting issues, the lawsuit stated.