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Loews Wins Appeal Over $690 Million Damages Award to Hedge Fund

  • Delaware Supreme Court said parties’ agreement barred damages
  • Hedge fund claimed Loews squeezed it out of oil-pipeline deal
James Tisch

James Tisch

Photographer: Christopher Goodney/Bloomberg
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Loews Corp. persuaded the Delaware Supreme Court to toss a $690 million damages award to affiliates of New York hedge fund Bandera Partners LLC, who claimed they were squeezed out of an oil-pipeline partnership.

The state’s highest court rule Monday that the Delaware judge erred in finding Loews breached a 2018 deal by using an improper pretext to buy out the other investors in Boardwalk Pipeline Partners LLP at a bargain price.