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El Paso

In re El Paso Shareholder Litigation, C.A. No. 6949-CS (Del. Ch. Ct.)   The Firm represented the Louisiana Municipal Police Employees’ Retirement System and similarly situated shareholders of El Paso Corporation challenging the proposed sale of the company to competitor Kinder Morgan, Inc.  Among other things, the complaint alleged that the El Paso board of directors breached their fiduciary duties in connection with the merger, and that the board’s financial advisors, Goldman Sachs and Kinder Morgan, aided and abetted the board’s breaches.  Specifically, the case alleged that the entire process by which the board decided El Paso’s future was inherently tainted because of the board’s reliance on conflicted advisors and management.  Plaintiffs obtained a $110 cash settlement for the class.