Cornerstone Building Brands Inc. is accusing its insurers of breaching their policies by refusing to cover amounts the company was obligated to pay to its financial adviser on account of shareholder litigation over a take-private transaction.
Cornerstone was legally required to pay about $10 million to reimburse financial adviser Centerview Partners LLC for legal fees, expenses, and settlement amounts incurred in the underlying litigation, according to a complaint filed Monday in the US District Court for the Eastern District of North Carolina.
The manufacturer of exterior building products says its insurers—units of
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