Del. Justices Revive Tossed Suit Over $3.3B Spectra Deal
Law360 (January 22, 2021, 5:31 PM EST) -- Delaware's Supreme Court reversed Friday the Chancery Court's 2019 dismissal of a $661 million unitholder challenge to a part of a $3.3 billion Spectra Energy Partners LP merger in 2015, finding that the lower court wrongly denied standing after giving slim odds to the investor's chance of a material recovery.
Chief Justice Collins J. Seitz III, writing for the five-member court, found that Vice Chancellor Sam Glasscock III should further consider direct class claims that the deal undervalued an earlier derivative damage allegation dating to 2017. That derivative case, also brought by unitholder Paul Morris, survived one motion to dismiss but was...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!