Bloomberg Law
March 17, 2023, 6:48 PM

Waystar Wins Appeal Over Meaning of ‘And’ in Stock Contracts

Martina Barash
Martina Barash

Medical payment facilitator Waystar Inc. properly repurchased a former executive’s stock under the terms of her options contracts because the use of the word “and” didn’t create an additional requirement, the Delaware Supreme Court ruled.

A split among federal courts of appeal—now headed for the US Supreme Court’s review—over the meaning of “and” in a criminal statute “illustrates the range of possible interpretations” of that word, Justice Karen L. Valihura wrote Thursday for the state high court. But the criminal case’s outcome won’t determine the result here because the texts at issue are different, she said.

The “call right” provision ...