Judge Keeps Atlas Energy Class Action Alive

Law360, New York (October 29, 2010, 6:33 PM EDT) -- A Delaware judge has refused to dismiss a putative class action challenging an affiliate merger between Atlas America Inc. and Atlas Energy Resources LLC, but he did trim the case by tossing claims against eight individual defendants.

Vice Chancellor John W. Noble of the Delaware Chancery Court ruled Thursday that the limited liability company agreement in question did not specify any protections, or lack of protections, for Atlas Energy's minority unitholders, and that Atlas America therefore owed the unitholders the same fiduciary duties a controlling shareholder...
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