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.

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Rhea-AI Summary

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.

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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.

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11/12/2021 - 09:52 AM EST

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 $690 million, plus interest.

"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.

View original content:https://www.prnewswire.com/news-releases/loews-corporation-comments-on-delaware-court-of-chancery-ruling-301423116.html

SOURCE Loews Corporation

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was the ruling on Loews Corporation's acquisition of Boardwalk Pipelines?

The Delaware Court ruled that Loews breached the partnership agreement and awarded former unitholders approximately $690 million.

What is Loews Corporation's stock symbol?

Loews Corporation trades under the stock symbol L.

What did Loews Corporation plan to do after the court ruling?

Loews Corporation intends to appeal the court's ruling.

When was the ruling issued concerning Loews Corporation?

The ruling was issued on November 12, 2021.

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Loews Corporation Comments on Delaware Court of Chancery Ruling