Eagle Rock Hit With Shareholder Suit Over $1.3B Asset Sale

Law360, Los Angeles (March 3, 2014, 5:58 PM EST) -- An Eagle Rock Energy Partners LP shareholder hit the company and its directors with a putative class action in Texas federal court Monday, alleging it failed to do proper due diligence on its $1.3 billion sale of midstream assets to Regency Energy Partners LP.

Plaintiff Robert Feinstein claims the deal was procedurally flawed and “tainted by conflict,” and asked the court to enjoin the sale and rescind Eagle Rock’s offer. Eagle Rock had announced in December that it was selling some of its midstream oil and...
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