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Courts broadly recognize Delaware's sophisticated understanding of corporate law, which may lend credibility to Harman's interpretation of 14(a), a federal securities law, said policyholder-side attorney Raymond Mascia of Anderson Kill.

He told Law360 that Judge Wallace's decision was in line with other Delaware court decisions that rejected insurers' bid to recast claims brought under the law as an excluded appraisal action.

"The court could have stopped right at Section 14(a) and Section 20(a) do not permit recovery for inadequate consideration, but I think it was prudent and well-thought-out to go further and actually analyze the settlement," Mascia said.

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