Reinsurance group to pay $5 mil for Franchise suit
BERLIN — German producer-distrib Intertainment said Thursday it had reached a $5 million out-of-court settlement with reinsurance group XL Reinsurance America in connection with its legal battle against Franchise Pictures over fraudulently excessive film budgets.
Connecticut-based XL was an insurer for the now-defunct agent Worldwide Film Completion. Intertainment has withdrawn its claims against XL and Worldwide Film Completion, and certain claims against Worldwide’s principal, Steve Cardone.
Intertainment said it would continue to pursue arbitration court claims against Comerica Bank and other defendants including insurance companies Film Finances and Film Finances Canada.
The Teutonic firm had named XL, part of the XL Capital group, among the defendants in the $100 million lawsuit.
Intertainment won a $122 million legal victory against Elie Samaha and Franchise over the summer over inflated budgets on a slate of films that included “Get Carter” and “The Whole Nine Yards.”