A Delaware judge says insurers may be on the hook for $190 million to settle two lawsuits stemming from a 2013 buyout in which Dole Food chairman and CEO David Murdock took the company private.
In a ruling late last week, the judge said Delaware law allows a company to insure officers and directors from any liability – including for fraudulent acts.
In 2015, another Delaware judge ordered Murdock and former Dole president and chief operating officer C. Michael Carter to pay $148 million for misleading directors and shareholders in the $1.2 billion buyout, saying the men had acted in bad faith and engaged in fraud. A settlement reduced that amount to about $116 million.
Last year, Dole, Murdock and Carter agreed to settle a federal lawsuit for $74 million.
Was this article valuable?
Here are more articles you may enjoy.
Kansas Man Sentenced for Insurance Fraud, Forgery 
Insurify Starts App With ChatGPT to Allow Consumers to Shop for Insurance 
‘Structural Shift’ Occurring in California Surplus Lines 
Florida Engineers: Winds Under 110 mph Simply Do Not Damage Concrete Tiles 
