A ruling unsealed by a Delaware judge says that Verizon Communications is due what it claims are more than $48 million in attorney fees and expenses accrued successfully defending a lawsuit filed against the telecom giant after it spun off a subsidiary that later went bankrupt.
The summary judgment order, issued March 2 but unsealed March 15 by Delaware Superior Court Judge William C. Carpenter Jr., turned aside claims led by American International Group Inc. affiliate Illinois National Insurance Co. that a set of policies Verizon purchased to safeguard itself from liability did not meet the policies’ definition of the term “securities claim.”
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