Verizon Notches Win In $95M Settlement Coverage Fight

By Jeff Montgomery (February 24, 2021, 4:53 PM EST) -- Verizon Communications Inc. won a Delaware court ruling Tuesday upholding its entitlement to seek insurance coverage for its $95 million settlement in 2014 of a bankruptcy trustee suit to claw back $2.3 billion of indirect payments from then-insolvent FairPoint Communications.

The decision by Superior Court Judge Eric M. Davis also rejected a raft of insurers' motions for a summary judgment declaring Verizon ineligible for $24 million in legal fee payments in connection with the FairPoint litigation and fraudulent transfer claims.

Fraudulent transfer claims are common in bankruptcy courts and are based on assertions that a debtor was insolvent just prior to a...

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