Del. Supreme Court Upholds Chancery On TC Pipeline Case

Law360, Wilmington (December 20, 2016, 3:54 PM EST) -- Bare claims of unfairness cannot overcome a partnership's valid “special approval” shields for company decisions, Delaware’s Supreme Court said Monday in a ruling that rejected a master limited partnership member’s appeal of a losing challenge to a $446 million TransCanada Pipelines deal.

The decision upheld the Chancery Court’s dismissal of a suit filed by MLP member Employee Retirement Systems of the City of St. Louis that claimed TC Pipelines General Partnership imposed unfair terms on affiliate TC Pipelines LP in purchasing a portion of a 1,353-mile natural gas pipeline between British Columbia and a spot near the Oregon California border....

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