A Delaware judge has ruled that Verizon Communications Inc. is owed $48 million from insurers from having defended a shareholder suit seeking $14 billion over the telecommunication giant’s spinoff of its print and electronic directories business in 2006.
The ruling from Delaware Superior Court Judge William C. Carpenter Jr. on Monday granted final judgment to Verizon in its years-long fight for advancement of defense costs, and shut down an effort by the company’s excess insurers to investigate the reasonableness of the costs Verizon had claimed.
