Tokio Marine is Japan’s second-largest casualty insurer. On December 21, it agreed to pay $2.7 billion is cash for Delphi, a U.S.-based insurer that sells workers’ compensation and group-life coverage.
Rosenkranz, Delphi’s founder, is using his position “to benefit personally at the direct expense of Delphi’s public shareholders,” lawyers for the Pontiac General Employees Retirement System said in the suit filed in Delaware Chancery Court in Wilmington.
The case is Pontiac General Employees Retirement System v. Brine, No. 7144, Delaware Chancery Court (Wilmington).