Del. Justices Probe D&O Policy Scope In Verizon Spinoff Fight

Law360, Dover (September 11, 2019, 7:00 PM EDT) -- Verizon and GTE faced skeptical Delaware justices Wednesday who wondered whether the communications companies' directors and officers insurance policies extended to battling a fraud case over an ill-fated $14 billion spinoff, as a lower court ruled when it granted the companies nearly $50 million in defense fees.

The companies' insurers argued that Delaware's Superior Court wrongly accepted Verizon's arguments that its D&O policies provided coverage for breach of fiduciary duty and fraudulent transfer allegations, despite the policy writer's insistence that benefits were intended only for disputes involving securities regulations and alleged violations.

Justice Collins J. Seitz Jr. asked Robin L. Cohen...

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