05:18 PM EDT, 05/15/2024 (MT Newswires) -- TC Energy ( TRP ) after trade Wednesday said it "strongly disagrees" with the final decision issued today by the Delaware Chancery Court allocating liability for earlier determined damages in an ongoing class action lawsuit related to TC Energy's ( TRP ) 2016 acquisition of Columbia Pipeline Group.

A statement noted the Court previously held, in a decision issued in June 2023, that the former CEO and CFO of Columbia breached their fiduciary duties to Columbia stockholders and that TC Energy ( TRP ) aided and abetted those breaches. TC Energy ( TRP ) said it believes the Court "made material errors of fact and law in its decisions" and will appeal the determinations to the Delaware Supreme Court.

In its May 15 decision, the statement noted, the Court awarded the Columbia stockholders damages of US$398.4 million and has allocated responsibility for that award in the amount of 50% to the former Columbia CEO and CFO, collectively, and 50% to TC Energy ( TRP ). TC Energy ( TRP ) said it "continues to disagree with many of the Court's findings" and believes the Court's ruling departs from established Delaware law. TC Energy's ( TRP ) allocated share of the damages is US$199.2 million, plus an estimated US$179.5 million in pre- and post-judgment interest.

TC Energy ( TRP ) said it will appeal the Court's decision and anticipates that the appeal will proceed through 2024 and conclude by mid-2025. TC Energy ( TRP ) added it will post a bond in lieu of paying the damages award pending the outcome of its appeal.

The company's shares closed up C$0.14 to C$52.97 on the Toronto Stock Exchange.