Boardwalk Pipeline Buyout Suit Should Stand, Chancery Told

Law360, Wilmington (July 10, 2019, 8:28 PM EDT) -- There is enough information to "reasonably" infer that Boardwalk Pipeline Partners LP's $1.5 billion public-unit buyout last year by its general partner was unfair to minority unitholders, and a suit challenging the transaction should proceed, a Delaware vice chancellor was told Wednesday.

During a hearing in Wilmington, hedge fund Bandera Master Fund LP and affiliated funds told Vice Chancellor J. Travis Laster that a proposed class action seeking damages on behalf of minority unitholders they contend were shortchanged per the transaction should survive a motion to dismiss filed by Boardwalk.

Bandera contends that public disclosures leading up to the buyout were...

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