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Insurers Fight Baker s £3.6M Suit Over Stale Purchase Deal
Law360, London (February 25, 2021, 5:25 PM GMT) Axis and Hiscox have said they are not liable to pay a baker £3.6 million ($5 million) because the company allegedly already knew the gluten-free bread-maker it bought had offered price reductions to retailer Marks & Spencer that could hit profits.
A group of seven underwriters, including Axis Corporate Capital UK Ltd. and Hiscox Dedicated Corporate Member Ltd., said in a Feb. 18 High Court filing that Finsbury Food Group PLC has admitted it knew that Ultrapharm had agreed to price reductions for its products to Marks & Spencer Group PLC in October 2017.