Delaware Court Rules Loews Breached Boardwalk Partnership Deal

(RTTNews) - Loews Corp. (L) said the Delaware Court of Chancery ruled that Loews breached the Boardwalk partnership agreement and awarded the class of former Boardwalk unitholders about $690 million, plus interest. Loews plans to appeal the ruling.

The court issued the ruling in the class action litigation relating to Loews's 2018 acquisition of the minority limited partner interests in its Boardwalk Pipelines subsidiary.

"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 Tisch, President and CEO of Loews.