Gardere Represents Longview Energy Co. in Another Win

13 August 2013 News

Law360 covered a Delaware court's ruling in favor of Longview Energy Co. against claims by two Texas oil company directors, Bill Huff and Richard D'Angelo. In September 2012, the directors were found liable for hijacking the opportunity to buy 46,000 acres of south Texas oil and gas land from Longview Energy Co. While that verdict is currently on appeal, the directors filed in Delaware seeking insurance coverage for the legal bills in connection with the Texas litigation.

Chancellor Leo E. Strine Jr.'s finding is summarized as follows:

"Corporate fiduciaries who, unless they overturn a jury verdict, owe the corporation nearly $100 million and must yield to the company's substantial property rights, because they have been adjudicated to have breached their fiduciary duties, are not in an equitable position to ask this court to allow them to prematurely seek a money damages claim from the corporation to which they owed a duty of loyalty."

Gardere Litigation Attorneys Craig B. Florence, Randy D. Gordon and Rachel Kingrey represented Longview Energy Co.

Subscribers can access the full article here.

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