Loews Corp. says a Delaware court should dismiss a class action lawsuit alleging the investment conglomerate schemed to sink a pipeline company’s stock to buy it at a lower price.
The suit, filed by several funds affiliated with New York hedge fund Bandera Partners LLC, says Loews drove down the share price of Boardwalk Pipeline Partners, LP through well-timed public disclosures in order to exercise its call rights and buy up the pipeline company’s outstanding shares for $1.5 billion.
Bandera Master Fund LP, Bandera Value Fund LLC, Bandera Offshore Value Fund Ltd, Lee-Way Financial Services and others sued Boardwalk, Loews, ...
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