Bandera’s $690 Million Court Win Over Loews Tossed on Appeal (2)

Loews Corp. persuaded the Delaware Supreme Court to toss a $690 million damages award to affiliates of New York hedge fund Bandera Partners LLC, who claimed they were squeezed out of an oil-pipeline partnership.

The state’s highest court rule Monday that the Delaware judge erred in finding Loews breached a 2018 deal by using an improper pretext to buy out the other investors in Boardwalk Pipeline Partners LLP at a bargain price.

Loews, which served as general partner for Boardwalk, was “exculpated from damages” under the partnership agreement, the five-member court ruled. The company has hotel, energy and insurance ...