WASHINGTON (dpa-AFX) - Loews Corp. (L), Thursday announced that the Delaware Supreme Court has made a ruling in the long-standing legal battle regarding the company's 2018 acquisition of minority interests in Boardwalk Pipelines.
The court found a violation in the partnership agreement and has sent the question of possible tortious interference liability back to the Delaware Court of Chancery. Still, it decided in favor of Loews on all the other claims that were pending.
This case has had its share of ups and downs in previous decisions, including a ruling back in 2021 by the Chancery Court that awarded former minority unitholders around $690 million plus interest, which was later reversed in 2022.
If it turns out that Loews is held liable, interest will begin to accumulate from the date of the initial transaction.
L is currently trading at $103.89, up $1.28 or 1.25 percent on the New York Stock Exchange.
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