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.
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