Loews Corporation Comments on Delaware Supreme Court's Ruling

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.

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

Argus Dec 11 session

+1.99% close to close Open Argus

Details

News Market Reaction – L

On Dec 11, the day this news came out, L closed 1.99% above the previous close.

Data tracked by StockTitan Argus for the Dec 11 session.

Market Context

This announcement updated investors on a long-running Delaware case tied to Loews’ 2018 Boardwalk Pi...

Analysis

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.

Key Figures

Potential damages award: $690 million Transaction year: 2018 Initial award date: November 2021 +3 more

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

Historical Context

5 past events · Latest: Dec 03

5 events

1. Dec 03

   Credit rating action

   24h Move

   -0.5%

   AM Best upgraded multiple CNA ratings, citing strong balance sheet and support.

2. Nov 11

   Dividend declaration

   24h Move

   +0.7%

   Company declared a $0.0625 per share quarterly dividend to shareholders.

3. Nov 03

   Board change

   24h Move

   -0.1%

   Election of former CNA CEO Dino Robusto to Loews’ board effective 2026.

4. Nov 03

   Earnings report

   24h Move

   -0.1%

   Q3 2025 net income rose to $504M, helped by CNA, Boardwalk, and hotels.

5. Oct 14

   Earnings scheduling

   24h Move

   +1.3%

   Announcement of date and online availability for Q3 2025 earnings remarks.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

limited partner interests, tortious interference, Delaware Supreme Court, Court of Chancery

4 terms

limited partner interests financial

"its 2018 acquisition of the minority limited partner interests in its Boardwalk"

An investor's ownership stake in a limited partnership that gives them rights to a share of profits and losses but not day-to-day control over the business, similar to being a silent partner in a project. For investors this matters because it defines how they earn returns, how much risk and liability they carry, and how easy it is to sell their position — all key factors when valuing and comparing investments.

tortious interference regulatory

"remanded the issue of whether Loews was liable for tortious interference back"

Tortious interference is a legal claim that someone intentionally and wrongfully disrupts a company’s contracts or business relationships—for example, persuading a supplier to break an agreement or spreading false information to scare away customers. Investors care because such disputes can lead to costly lawsuits, lost revenue, damaged reputation and uncertainty about future contracts; think of it like a deliberate shove that knocks over a partner network and slows business growth.

Delaware Supreme Court regulatory

"the Delaware Supreme Court issued a ruling in the litigation relating to its 2018"

The Delaware Supreme Court is the highest court in the state of Delaware that reviews legal decisions from lower courts, including cases about corporate law and business disputes. Its rulings act like rule-setting referees for company behavior and mergers, so investors pay attention because its decisions can change how boards must act, how deals are structured, and how shareholder rights are protected—similar to how a league’s rulebook guides every team.

Court of Chancery regulatory

"remanded the issue of whether Loews was liable for tortious interference back to the Delaware Court of Chancery"

A court of chancery is a specialized judicial body that decides disputes about fairness and the proper behavior of people who run companies, such as conflicts over mergers, trusts, or directors’ duties. It can order remedies like blocking a deal or forcing changes instead of just awarding money, so its decisions can swiftly affect company control, deal timelines, and shareholder value — like a referee enforcing the rules in complex corporate contests.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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

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

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.