TRP - TC Energy to appeal Delaware court rulings in lawsuit related to 2016 Columbia Pipeline acquisition | Benzinga
CALGARY, Alberta, May 15, 2024 (GLOBE NEWSWIRE) -- News Release – TC Energy Corporation ((TSX, NYSE:TRP) (TC Energy or the Company) strongly disagrees with the final decision issued today by the Delaware Chancery Court (the "Court") allocating liability for earlier determined damages in an ongoing class action lawsuit related to TC Energy's 2016 acquisition of Columbia Pipeline Group Inc. ("Columbia"). The Court previously held, in a decision issued in June 2023, that the former CEO and CFO of Columbia breached their fiduciary duties to Columbia stockholders and that TC Energy aided and abetted those breaches. TC Energy believes the Court made material errors of fact and law in its decisions and will appeal the determinations to the Delaware Supreme Court.
In its May 15, 2024 decision, the Court awarded the Columbia stockholders damages of US$398.4 million and has allocated responsibility for that award in the amount of 50 per cent to the former Columbia CEO and CFO, collectively, and 50 per cent to TC Energy. TC Energy continues to disagree with many of the Court's findings and believes the Court's ruling departs from established Delaware ...