Loews Corporation Comments on Delaware Supreme Court's Ruling

Rhea-AI Summary

Loews Corporation (NYSE: L) said the Delaware Supreme Court issued a Dec. 11, 2025 ruling in litigation tied to its 2018 purchase of minority limited partner interests in Boardwalk Pipelines.

The Supreme Court found a breach related to the partnership agreement and remanded the question of tortious interference liability to the Delaware Court of Chancery, while resolving all other claims in Loews's favor.

Background: the Court of Chancery awarded about $690 million plus interest in Nov. 2021; that award was reversed by the Delaware Supreme Court in Dec. 2022 and some claims were later decided for Loews in Sept. 2024.

Positive

• Supreme Court resolved other remaining claims in Loews's favor
• Court of Chancery previously ruled for Loews on remaining claims in Sept. 2024

Negative

• Delaware Supreme Court found a breach related to the partnership agreement
• Tortious interference liability remanded to Chancery could trigger damages and interest

Key Figures

Potential damages award $690 million Approximate award granted to former Boardwalk minority unitholders in Nov 2021 ruling

Transaction year 2018 Year Loews acquired minority limited partner interests in Boardwalk Pipelines

Initial award date November 2021 Delaware Court of Chancery’s original damages ruling in Boardwalk litigation

Reversal date December 2022 Delaware Supreme Court reversed the 2021 award and remanded remaining claims

Chancery ruling September 2024 Court of Chancery found no liability on remaining claims before latest appeal

Litigation duration More than seven years Length of Boardwalk-related litigation highlighted by Loews’ CEO

Market Reality Check

$104.65 Last Close

Volume Volume 1,195,418 vs 20-day average 919,959 (relative volume 1.3x) ahead of the ruling commentary. normal

Technical Price at $102.61, trading above 200-day MA of $93.52 and about 5.91% below the 52-week high.

Peers on Argus

Loews gained 0.05% with elevated volume, while key insurance peers like MKL, CINF, WRB, CNA, and HIG each rose between 0.05% and 1.12%, suggesting a generally positive sector tone rather than a litigation-specific move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 03	Credit rating action	Positive	-0.5%	AM Best upgraded multiple CNA ratings, citing strong balance sheet and support.
Nov 11	Dividend declaration	Positive	+0.7%	Company declared a $0.0625 per share quarterly dividend to shareholders.
Nov 03	Board change	Positive	-0.1%	Election of former CNA CEO Dino Robusto to Loews’ board effective 2026.
Nov 03	Earnings report	Positive	-0.1%	Q3 2025 net income rose to $504M, helped by CNA, Boardwalk, and hotels.
Oct 14	Earnings scheduling	Neutral	+1.3%	Announcement of date and online availability for Q3 2025 earnings remarks.

Pattern Detected

Recent history shows several positive fundamental or rating catalysts, yet three of five events saw mildly negative next-day moves, hinting at a tendency for the stock to underreact or fade good news.

Recent Company History

Over the last few months, Loews reported stronger fundamentals, including $504 million in Q3 2025 net income and growth projects at Boardwalk, while maintaining shareholder returns via a $0.0625 quarterly dividend. Governance changes included adding Dino Robusto to the board and upcoming director retirements. AM Best upgraded CNA’s ratings, highlighting balance sheet strength. Today’s litigation update ties back to the Boardwalk transaction, intersecting with a core energy asset previously highlighted in earnings.

Market Pulse Summary

This announcement updated investors on a long-running Delaware case tied to Loews’ 2018 Boardwalk Pipelines acquisition. The Supreme Court resolved most claims in Loews’ favor but sent the tortious interference issue back to the Court of Chancery, leaving potential exposure tied to the earlier $690 million award context. Investors may track future court decisions alongside Loews’ diversified operations and prior Boardwalk growth initiatives mentioned in recent earnings.

AI-generated analysis. Not financial advice.

NEW YORK, Dec. 11, 2025 /PRNewswire/ -- Loews Corporation (NYSE: L) announced today that the Delaware Supreme Court issued a ruling in the litigation relating to its 2018 acquisition of the minority limited partner interests in its Boardwalk Pipelines subsidiary. The Supreme Court found that there was a breach in connection with the underlying partnership agreement and remanded the issue of whether Loews was liable for tortious interference back to the Delaware Court of Chancery. The Supreme Court resolved all of the other remaining claims in Loews's favor.

"It goes without saying that we believe that the process we undertook in 2018 to purchase the minority units in Boardwalk Pipelines was appropriate. We are deeply frustrated that this litigation, which has already lasted more than seven years, will continue," said Ben Tisch, President and CEO of Loews Corporation.

As a reminder, in November 2021 the Delaware Court of Chancery awarded the former minority unitholders in Boardwalk Pipelines approximately $690 million, plus interest, in the litigation. That ruling was reversed by the Delaware Supreme Court in December 2022 and the remaining open claims were remanded to the Court of Chancery. In September 2024, the Court of Chancery ruled in Loews's favor on those remaining claims, finding no liability. The plaintiffs appealed the Chancery Court's 2024 ruling to the Delaware Supreme Court. That appeal was decided today. If Loews is ultimately found liable, interest would accrue on any damages award from the date of the transaction.

ABOUT LOEWS CORPORATION

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-supreme-courts-ruling-302639148.html

SOURCE Loews Corporation

FAQ

What did the Delaware Supreme Court decide about Loews (L) on Dec. 11, 2025?

The court found a breach tied to the Boardwalk partnership agreement and remanded tortious interference liability to the Court of Chancery; other claims were decided for Loews.

How does the Dec. 11, 2025 ruling affect the prior $690 million award against Loews (L)?

The Nov. 2021 award of about $690 million was reversed by the Delaware Supreme Court in Dec. 2022; the recent ruling does not automatically reinstate that award but remands one claim to Chancery.

What is the next legal step after the Delaware Supreme Court's Dec. 11, 2025 decision for Loews (L)?

The remanded tortious interference issue will return to the Delaware Court of Chancery for further proceedings and a determination of liability.

Could the Dec. 11, 2025 ruling lead to additional payments by Loews (L)?

If Loews is ultimately found liable on remanded claims, damages could be awarded and interest would accrue from the transaction date.

What historical rulings preceded the Dec. 11, 2025 decision involving Loews (L)?

Key prior steps: Nov. 2021 Chancery award (~$690M), reversed by the Supreme Court in Dec. 2022, and a Sept. 2024 Chancery ruling for Loews on remaining claims.