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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
December 13, 1995 Commission File No. 1-11453
(Date of earliest event reported)
AMERICAN FINANCIAL GROUP, INC.
Incorporated under the laws IRS Employer
of Ohio Identification No. 31-1422526
One East Fourth Street
Cincinnati, Ohio 45202
Phone: (513) 579-2121
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AMERICAN FINANCIAL GROUP, INC.
FORM 8-K
Item 4. Other Events.
Please see the News Release of American Financial Group,
Inc. dated December 13, 1995 attached as Exhibit 1 hereto.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
AMERICAN FINANCIAL GROUP, INC.
December 13, 1995 By: James C. Kennedy
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James C. Kennedy
Secretary
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Exhibit 1
NEWS RELEASE
Date: December 13, 1995 Contact: Sandra W. Heimann
For Release: Immediate Phone: (513) 579-2121
AMERICAN FINANCIAL GROUP REPORTS
COURT OF APPEALS RULING
CINCINNATI, OHIO -- December 13, 1995 -- American Financial
Group, Inc. (AFG-NYSE) reported that a three-judge panel of the
U.S. Court of Appeals for the Third Circuit has reversed a
decision by the U.S. District Court for the Eastern District of
Pennsylvania that had enjoined lawsuits by the USX Corporation
seeking contribution from AFG's wholly-owned subsidiary, American
Premier Underwriters, Inc. ("American Premier") for all or a
portion of the approximately $600 million that USX paid in
satisfaction of a judgment against its former subsidiary, the
Bessemer and Lake Erie Railroad Company ("B&LE"), for B&LE's
participation in an unlawful antitrust conspiracy among certain
railroads commencing in the 1950's and continuing through the
1970's. The lawsuits argue that USX's liability was attributable
to American Premier's railroad predecessor's alleged activities
in furtherance of the conspiracy.
The District Court had ruled in 1994 that the lawsuits could
not proceed because they were barred by the 1978 Consummation
Order issued by the District Court in the bankruptcy
reorganization proceedings of American Premier's predecessor,
Penn Central Transportation Company ("PCTC"). In its opinion,
the Court of Appeals only addressed American Premier's procedural
argument that the claims of USX could not proceed because they
are barred by the Consummation Order. The Third Circuit
expressly recognized in its opinion that it was not deciding any
of American Premier's defenses on the merits.
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American Premier will file a petition for rehearing in banc,
requesting all of the judges of the Third Circuit to review the
three-judge panel's decision. Also, if necessary, American
Premier will petition the U.S. Supreme Court to review the
bankruptcy bar issue.
Even if subsequent reviews do not reinstate the District
Court's injunction and USX's lawsuits are eventually permitted to
go forward, management believes that American Premier has other
defenses which should enable it to prevail on the merits.
American Financial Group is engaged primarily in specialty
and multi-line property and casualty insurance businesses and in
the sale of tax-deferred annuities.
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