By Sam Ballingrud (February 18, 2021, 5:37 PM EST) -- On Feb. 2, the Superior Court of Delaware issued a lengthy and complex decision in Northrop Grumman Innovation Systems Inc. v. Zurich American Insurance Co.
This decision illustrates some common complexities and potential pitfalls for both insurers and policyholders in the context of a merger where companies with competing directors and officers insurance policies — typically referred to as towers as full coverage is achieved through laying primary and excess policies — merge into one new company with one new tower.
The merger extinguishes the old towers and both the acquired and acquiring entities, but when disappointed shareholders bring a class...
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