Court Rejects Insurers' Appeal Bid in Dole Buyout Lawsuit - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Court Rejects Insurers' Appeal Bid in Dole Buyout Lawsuit

Posted: Apr 07, 2018 10:51 PM Updated:
According to The Wall Street Journal, the Dole Food Co. is voicing complaints that Delaware’s business-friendly reputation is no longer justified and that the state does not offer enough protections against shareholder lawsuits. (Photo: YouTube) According to The Wall Street Journal, the Dole Food Co. is voicing complaints that Delaware’s business-friendly reputation is no longer justified and that the state does not offer enough protections against shareholder lawsuits. (Photo: YouTube)

DOVER, Del. (AP) - Delaware's Supreme Court has refused to hear an appeal by insurers who may be on the hook for $190 million for lawsuits stemming from a 2013 buyout in which Dole Food chairman and CEO David Murdock took the company private.

The court refused Friday to consider an appeal of a judge's ruling that Delaware law allows a company to insure officers and directors from any liability - including for fraudulent acts.

A Delaware judge in 2015 ordered Murdock and former Dole president and COO C. Michael Carter to pay $148 million for misleading directors and shareholders in the $1.2 billion buyout, saying they acted fraudulently and in bad faith.

A settlement reduced that amount to about $116 million. Murdock agreed to pay $74 million to settle a separate federal lawsuit.

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