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Delaware Superior Court Finds No Coverage For Appraisal
Actions, But Allows Claims For Bad Faith Related To Breach Of
Fiduciary Duty Allegations To Go Forward
MPM Holdings Inc. v. Fed. Ins. Co., No. N20C-07-014 MMJ
CCLD, 2022 Del. Super. LEXIS 102 (Del. Super. Ct. Mar. 17,
2022).
A merger involving MPM Holdings Inc. closed on May 15, 2019,
which spurred a pre-closing 220 demand, three appraisal actions,
and a stockholders' class action. The appraisal actions and the
stockholders' class action were consolidated and amended to
include breach of fiduciary duty claims. Federal provided directors
and officers insurance. Federal acknowledged coverage for the 220
demand and initially acknowledged
