Spectra Energy Partners, LP (NYSE:SEP) Investor Filed Lawsuit Against Certain Directors In Connection With $3 Billion Investment

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Company Name(s): 
Spectra Energy Partners
Case Name: 
Spectra Energy Partners Shareholder Derivative Lawsuit 03/22/2016
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: SEP
Lawsuit Overview
Type of Lawsuit: 
Shareholder Derivative Action
Date Filed: 
03/22/2016
Summary: 

March 11, 2016 (Shareholders Foundation) - An investor in shares of Spectra Energy Partners, LP (NYSE:SEP) filed a lawsuit over potential breaches of fiduciary duties by certain directors at Spectra Energy Partners in connection with a $3 billion investment midstream joint venture that shortchanged investors to the tune of $500 million.

The plaintiff claims that when Phillips 66 Co. decided to pump assets worth $1.5 billion a piece into midstream joint venture DCP Midstream LLC, Spectra Energy Corp. had to buy its contribution from Spectra Energy Partners LP. However, the plaintiff alleges that Spectra Energy Corp.’s intrapartnership transaction with Spectra Energy Partners, LP was worth around $1 billion, creating a $500 million gap.

The plaintiff seeks to the transaction to be rescinded.