Del. Justices Sink Solera's Bid For Appraisal Action Coverage

Law360 (October 23, 2020, 8:25 PM EDT) -- The Delaware Supreme Court on Friday ruled that Solera Holdings Inc. cannot pursue coverage from several excess insurers for tens of millions in costs it incurred in a stockholder appraisal action challenging its buyout by Vista Equity Partners, reversing a lower court and finding that the action does not qualify as a covered "securities claim."

The unanimous Delaware high court said a state judge erred in July 2019 when she ruled that the appraisal action constituted a securities claim, which is defined in Solera's directors and officers policies as a claim for any "actual or alleged" violation "of any federal, state...

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