In CVR Refining, LP v. XL Specialty Insurance Co., policyholders scored another victory in the Delaware Superior Court, this time on the issue of whether a mergers and acquisition endorsement required payment of higher retention in two securities class actions.
A CVR Refining LP unit can pay a lower retention in two securities class actions alleging it manipulated stock prices, a Delaware state court said Tuesday, saying a higher retention for claims related to mergers did not apply.
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A Delaware Superior Court judge upheld a policyholder’s preferred forum in Delaware, denying five insurers’ motion to dismiss or stay the Delaware coverage action filed after the insurers had filed suit preemptively in Texas. CVR Refining, LP v. XL Specialty Insurance Co.