The Honorable Karen Weldin STEWART, CIR-ML, Insurance Commissioner of the State of Delaware, in Her Capacity as the Receiver of Security Pacific Insurance Company, Inc. in Liquidation, SPI-202, Inc. in Liquidation, SPI-203, Inc. in Liquidation, and SPI-204, Inc. in Liquidation, Plaintiff,
v.
WILMINGTON TRUST SP SERVICES, INC., Johnson Lambert & Co., LLP, Johnson Lambert, LLP, McSoley McCoy & Co., James M. Jackson, Paul D. King, Kevin R. Davis, and Stephen D. Kantner, Defendants.
Court of Chancery of Delaware.https://leagle.com/images/logo.png
Submitted: November 20, 2014.
Decided: March 26, 2015.
Attorney(s) appearing for the Case
Diane J. Bartels, Esq. , Wilmington, Delaware; Jeffrey B. Miceli, Esq. , Black & Gerngross, P.C., Philadelphia, Pennsylvania; Attorneys for Plaintiff The Honorable Karen Weldin Stewart, CIR-ML, Insurance Commissioner of the State of Delaware, in her Capacity as the Receiver of Security Pacific Insurance Company, Inc. in Liquidation, SPI-202, Inc. in Liquidation, SPI-203, Inc. in Liquidation, and SPI-204, Inc. in Liquidation.
The key issue in this Opinion is when, under Delaware law, a corporation may state claims against third parties, like auditors, who are implicated in the alleged misconduct of the corporation's directors and officers. The plaintiffs here are four Delaware-domiciled captive insurance companies, with the...
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