High Court Upholds Corporation's Disclosure of Comp Liabilities

The Delaware Supreme Court reinstated an arbitrator's determination that a corporation that sold its subsidiary to another company was not required to disclose the subsidiary's workers' compensation liabilities for claims that were "incurred but not reported." Case: SPX Corp. v. Garda USA, No. 332, 06/16/2014, published. Facts: In November 2005, SPX Corporation entered into an agreement to sell all of the capital stock of its subsidiary, Vance International, to Garda USA. On Jan. 13, 2006, the parties entered into an amended purchase agreement under which Garda agreed to ...