LN, TM Sue Insurer

Live Nation Entertainment filed a $10 million lawsuit against underwriters at Lloyd’s London in Los Angeles Superior Court, alleging the insurer wrongfully denied coverage for class action suits against Ticketmaster.

The complaint, which lists Live Nation and Ticketmaster as plaintiffs, alleges that Lloyd’s syndicate Beazley Furlonge insures the merged company against damages incurred from “professional or technology-based services and the content of any media communication,” according to Thomson Reuters’ News & Insight.

Lloyd’s is accused of denying it owed coverage under the policy for various class actions filed against Ticketmaster, including one class action suit in particular.

That U.S. class action consolidates suits in 11 jurisdictions that allege Ticketmaster attempted to monopolize the secondary ticket market through its online sales platform, allowing preferred customers and brokers access to tickets before onsales and then directing ticketbuyers to TicketsNow when shows sold out.

Live Nation says in its complaint that Lloyd’s eventually agreed to provide a defense for the class actions after “some delay.” The insurer maintained it had no obligation to cover the suits with the exception of one case in Canada, according to Thomson Reuters.

The complaint reportedly alleges that Lloyd’s breached its contract by refusing to honor its obligations under the policy, failed to investigate Ticketmaster’s claims, tried to impose impermissible conditions on the coverage, misled Ticketmaster by falsely promising cover and acted in its own interest and caused the ticketer to incur expenses that should have been covered by Lloyd’s.