A Delaware Superior Court judge has held for the second time that Verizon can recover insurance coverage for defending a case brought by a trustee in the bankruptcy of a company that acquired and dissolved a Verizon subsidiary.

In an opinion made public Wednesday, Superior Court Judge Eric M. Davis found the fraudulent transfer claim Verizon had settled with FairPoint Communications qualified as a securities claim brought derivatively on behalf of former Verizon subsidiary Spinco. That allowed Verizon to recover about $120 million for its defense and settlement costs, plus $40 million or more in prejudgment interest.

Keith McKenna, partner with Cohen Ziffer Frenchman & McKenna. (Courtesy photo) Keith McKenna, partner with Cohen Ziffer Frenchman & McKenna. (Courtesy photo)

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]