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

  • If you purchased shares of Spectra Energy Partners, LP (NYSE:SEP), you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Spectra Energy Partners, LP
Security
NYSE: SEP

Case Name
Spectra Energy Partners Shareholder Derivative Lawsuit 03/22/2016
Type of Lawsuit
Stockholder Derivative Action
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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The plaintiff seeks to the transaction to be rescinded.