L - Delaware court overturns $690M fine on Loews for Boardwalk deal
- Loews ( NYSE: L ) +3.2% said Tuesday that a Delaware court reversed a November 2021 decision which ordered the company to pay $690 million to a unit of Boardwalk Pipeline.
- The Delaware Supreme Court overturned the decision made by the Delaware Court of Chancery that awarded former minority unitholders of Boardwalk Pipeline Partners LP about $690 million, plus interest.
- The company was ordered to pay the fine last year after certain Boardwalk investors said they were shortchanged during the 2018 buyout deal.
- Loews paid $12.06 per BWP unit, totaling ~$1.5B, in July 2018.
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Delaware court overturns $690M fine on Loews for Boardwalk deal