TC Energy’s Columbia Deal Appeal Tests Aiding and Abetting Law

TC Energy Corp.'s bid to undo a $199 million court loss appeared to hinge Wednesday on whether it walked away from a firm offer or a tentative deal before driving down the price of a $13 billion acquisition.

A lawyer for the energy giant squared off at Delaware’s top court against an attorney for the Columbia Pipeline Group Inc. ex-investors who successfully challenged its 2016 sale to the former TransCanada Corp. A Delaware Chancery Court judge ruled in 2023 that TransCanada was liable for pushing the price from $26 a share to $25.50 through threats to turn Columbia into “damaged ...