Loews faces continued litigation after Delaware Supreme Court ruling

The Delaware Supreme Court issued a ruling in litigation related to Loews Corporation's (NYSE: L) 2018 acquisition of minority limited partner interests in its Boardwalk Pipelines subsidiary, according to a company statement.

The Supreme Court found there was a breach in connection with the underlying partnership agreement and remanded the question of whether Loews was liable for tortious interference back to the Delaware Court of Chancery. The court resolved all other remaining claims in Loews's favor.

"We believe that the process we undertook in 2018 to purchase the minority units in Boardwalk Pipelines was appropriate. We are deeply frustrated that this litigation, which has already lasted more than seven years, will continue," said Ben Tisch, President and CEO of Loews Corporation.

The litigation has a complex history spanning multiple court decisions. In November 2021, the Delaware Court of Chancery awarded former minority unitholders in Boardwalk Pipelines approximately $690 million, plus interest. The Delaware Supreme Court reversed that ruling in December 2022 and remanded the remaining claims to the Court of Chancery.

In September 2024, the Court of Chancery ruled in Loews's favor on the remaining claims, finding no liability. The plaintiffs appealed that decision to the Delaware Supreme Court, which issued its ruling on the matter.

If Loews is ultimately found liable, interest would accrue on any damages award from the date of the transaction, the company stated. Loews Corporation operates businesses in the insurance, energy, hospitality, and packaging industries.

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