06:55 AM EDT, 06/18/2025 (MT Newswires) -- TC Energy ( TRP ) won an appeal against a US$199.2 million in damages ruling after Delaware's Supreme Court reversed on Tuesday the lower court's decision from May 2024 in relation to a dispute over its acquisition of Columbia Pipeline Group, according to a court filing.

The case, brought by Columbia shareholders alleged TC Energy ( TRP ), formerly TransCanada ( TRP ), helped executives of Columbia to reduce the deal price from $26 to $25.50 per share, which allowed former Columbia CEO Robert Skaggs and CFO Stephen Smith to collect large change-of-control payments.

Delaware Chancery Court in May 2024 awarded shareholders 50 cents per share, totaling $199.2 million.

In a Tuesday ruling, Justice Gary Traynor said the Chancery Court had not applied the proper legal standard, citing a court's precedent from December 2024.

The court said TC Energy ( TRP ) did not have an "actual knowledge of both the target's breach and the wrongfulness of its own conduct."