The Andy Warhol Foundation and the Philadelphia Indemnity Insurance Company (PIIC) have reached a settlement favorable to the Foundation. According to the Foundation's press release, the PIIC will pay back the "lion's share" owed, estimated to be $6.6 million.
The Foundation bought a Directors and Officers Protection Flexi Plus Insurance Policy (D&O Policy) from the PIIC in 2002 to protect themselves from future litigation. The Foundation filed a claim in 2011 for the reimbursement of legal costs, which stemmed from the "wasteful" and "bogus" authentication cases brought by Joe Simon and Susan Shaer in 2007 [quotes from The Andy Warhol Foundation]. After failed negotiations, the Foundation filed a complaint in New York against the PIIC in 2012.
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