Loews Corporation Comments on Delaware Court of Chancery Ruling
Loews Corporation (NYSE: L) announced a Delaware Court ruling regarding its 2018 acquisition of minority interests in Boardwalk Pipelines, determining that Loews breached the partnership agreement. The class of former Boardwalk unitholders was awarded approximately $690 million, plus interest. CEO James S. Tisch expressed disappointment, asserting the ruling misinterpreted the facts and law, and stated plans to appeal the decision.
- None.
- Court ruled that Loews breached the partnership agreement, leading to a $690 million award against the company plus interest.
- Potential financial strain from the ruling and subsequent appeal process.
NEW YORK, Nov. 12, 2021 /PRNewswire/ -- Loews Corporation (NYSE: L) announced today that the Delaware Court of Chancery issued a ruling in the class action litigation relating to its 2018 acquisition of the minority limited partner interests in its Boardwalk Pipelines subsidiary.
The Court held that Loews breached the Boardwalk partnership agreement and awarded the class of former Boardwalk unitholders approximately
"We are disappointed in the Court's ruling today, and believe that the Court misinterpreted both the factual underpinnings of the case as well as the applicable law," said James S. Tisch, President and CEO of Loews Corporation. "We intend to appeal the ruling."
Loews Corporation is a diversified company with businesses in the insurance, energy, hospitality, and packaging industries. For more information please visit www.loews.com.
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SOURCE Loews Corporation
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