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...

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