Loews Corporation Announces Favorable Resolution of Boardwalk Pipelines Acquisition Litigation
NEW YORK, Sept. 9, 2024 /PRNewswire/ -- Loews Corporation (NYSE:L) announced today that the Delaware Court of Chancery found no liability in connection with Loews's 2018 acquisition of the minority limited partner interests in its Boardwalk Pipelines subsidiary.
"We are very pleased that the Delaware Court of Chancery ruled in our favor and continue to believe that the process we undertook in 2018 to purchase the minority units in Boardwalk was appropriate. We are hopeful that this ruling will resolve the litigation," said James S. Tisch, President and CEO of Loews Corporation.
As a reminder, in November 2021 the Delaware Court of Chancery awarded the class of 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 back to the Court of Chancery. Those remaining claims were decided today.
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-announces-favorable-resolution-of-boardwalk-pipelines-acquisition-litigation-302242578.html
SOURCE Loews Corporation