A Delaware judge has ruled that Verizon Communications Inc. is owed $48 million from insurers from having defended a shareholder suit seeking $14 billion over the telecommunication giant's spin off of its print and electronic directories business in 2006.
|Years-long fight for insurance reimbursement
The ruling from Delaware Superior Court Judge William C. Carpenter Jr. granted final judgment to Verizon in its years-long fight for advancement of defense costs, and shut down an effort by the company's excess insurers to investigate the reasonableness of the costs Verizon had claimed.
Rather, it would be up to the state's high court to ultimately decide the central issue of whether the insurers were in fact responsible for advancing Verizon its costs, Carpenter said.
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Tom McParland
Tom McParland of New York Law Journal can be contacted at [email protected]. Follow him on Twitter @TMcParlandALM.
