Kinder Morgan, the Houston-based energy firm, agreed to pay a total of $110 million to settle lawsuits by shareholders. The litigation stems from Kinder Morgan’s October 2011 acquisition of the natural gas producer El Paso Corp., also headquartered in Houston, for $21.1 billion.<\/p>\n
Shortly after the merger announcement, El Paso shareholders filed a number of putative class action lawsuits against the company’s board of directors, alleging they had breached their fiduciary duty to the shareholders. The suits, filed in Delaware, Texas and New York, also alleged that El Paso and Kinder Morgan aided and abetted the directors in their breach.<\/p>\n
According to a recent filing with the SEC, El Paso shareholders moved to block the merger in February of this year, but the motion was denied in a Delaware court.<\/p>\n
As of May 24, the merger was complete and settlement discussions, facilitated by a mediator, began between the parties. An agreement (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Kinder Morgan, the Houston-based energy firm, agreed to pay a total of $110 million to settle lawsuits by shareholders. The litigation stems from Kinder Morgan’s October 2011 acquisition of the natural gas producer El Paso Corp., also headquartered in Houston,…<\/span><\/p>\n