Intel files $50 million suit against insurance firm

Intel has filed a $50 million lawsuit against insurance carrier American Guarantee and Liability Insurance, alleging breach of contract... The alleged breach involves the insurance firm's failure to pay for Intel's legal defense related to antitrust lawsuits filed by rival Advanced Micro Devices and consumers.

Intel, in the lawsuit filed last week in the U.S. District Court for Northern California, alleges that American Guarantee did not step up to the plate and begin paying for the chip giant's legal costs after it had exhausted $66 million in insurance policies provided by two other insurance carriers. (To read the entire lawsuit, click here for a PDF...)

News.com: Intel files $50 million suit against insurance firm