El Paso Escapes Partners' Suit Over $21B Kinder Morgan Deal

Law360, Wilmington (October 9, 2012, 5:25 PM EDT) -- A Delaware judge on Tuesday tossed a putative class action alleging El Paso Corp. breached its duty to certain limited partners when it agreed to a $21.1 billion takeover by Kinder Morgan Inc., ruling that the terms of the partnership arrangement clearly removed the petroleum giant from liability.

The suit claimed El Paso forsook its fiduciary responsibilities as controller of El Paso Pipeline Partners LP, a master limited partnership, by agreeing to a takeover deal detrimental to investors holding the publicly traded units in the venture,...
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