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- A Delaware Court of Chancery rules that Loews (NYSE:L) breached the Boardwalk Pipelines partnership agreement under its 2018 acquisition of minority limited partners interests in the partnership and awarded the Boardwalk unit holders ~$690M, plus interest.
- Loews (L) intends to appeal the ruling.
- "We are disappointed in the court's ruling today, and believe that the court misinterpreted both the factual underpinnings of the case as well as the applicable law," said Loews (L) President and CEO James S. Tisch.
- The company paid $12.06 per BWP unit, totaling ~$1.5B, in July 2018.