Delaware Superior Court in the Leonard L. Williams Justice Center, at 500 N. King Street in Wilmington. Credit: Google Verizon to Recover $120M From Insurers, Del. Superior Court Rules
"The securities claim definition at issue here is in a standard form that is used by policyholders across the country," said Keith McKenna, a partner at Cohen Ziffer Frenchman & McKenna.
October 27, 2022 at 03:02 PM
4 minute read
The original version of this story was published on Delaware Law Weekly
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 (Courtesy photo) This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
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