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.

  • Most Popular StoriesMost Popular StoriesMore>>

  • Two Arrested in Kent County Chicken Farm Burglaries

    Two Arrested in Kent County Chicken Farm Burglaries

    Wednesday, April 24 2019 9:23 PM EDT2019-04-25 01:23:39 GMT
    Wednesday, April 24 2019 9:36 PM EDT2019-04-25 01:36:44 GMT
    Delaware State Police said two people have been arrested for their alleged involvement in a spree of burglaries at chicken farms.More
    Delaware State Police said two people have been arrested for their alleged involvement in a spree of burglaries at chicken farms.More
  • Salisbury Woman Arrested After Alleged Assault

    Salisbury Woman Arrested After Alleged Assault

    Wednesday, April 24 2019 6:25 PM EDT2019-04-24 22:25:32 GMT
    Wednesday, April 24 2019 6:25 PM EDT2019-04-24 22:25:32 GMT
    The Wicomico County Sheriff's Office said deputies arrested a Salisbury woman Saturday after she reportedly assaulted two people.More
    The Wicomico County Sheriff's Office said deputies arrested a Salisbury woman Saturday after she reportedly assaulted two people. More
  • Delaware Correctional Officers to Get Raises

    Delaware Correctional Officers to Get Raises

    Wednesday, April 24 2019 6:58 PM EDT2019-04-24 22:58:20 GMT
    Wednesday, April 24 2019 7:57 PM EDT2019-04-24 23:57:53 GMT
    DOVER, Del. --- Delaware's correctional officer union has agreed on a new collective bargaining agreement that will see starting salaries gradually boosted in the coming years to $45,000. Members of the Correctional Officers Association of Delaware, the uMore
    DOVER, Del. --- Delaware's correctional officer union has agreed on a new collective bargaining agreement that will see starting salaries gradually boosted in the coming years to $45,000. Members of the Correctional Officers Association of Delaware, the uMore
Powered by Frankly

All content © Copyright 2000 - 2019 WBOC. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices