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Verizon wireless retail store. Verizon’s policy uses a definition of “securities claim” is not uncommon in insurance contracts, which could make the court’s decision applicable to countless other cases involving contracts that also use that definition. (Photo: Shutterstock)

Verizon can recoup $24 million in defense costs from its insurers, Superior Court Judge Eric M. Davis has ruled in a decision that could find application nationwide and make it more difficult to reject coverage in cases over corporate transactions.

That’s because Davis applied a broader definition of the insurance contract term “securities claim” that required coverage in a case over a challenge to a corporate spinoff and merger that was funded by debt instruments.

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