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MORRIS v. SPECTRA ENERGY PARTNERS (DE) GP

No. 489, 2019.

246 A.3d 121 (2021)

Paul MORRIS, on behalf of all similarly situated unitholders of Spectra Energy Partners, L.P., Plaintiff Below, Appellant, v. SPECTRA ENERGY PARTNERS (DE) GP, LP, Defendant Below, Appellee.

Supreme Court of Delaware.

Decided: January 22, 2021.

Attorney(s) appearing for the Case

Michael J. Barry, Esquire (argued) and Rebecca A. Musarra, Esquire , GRANT & EISENHOFFER P.A., Wilmington, Delaware; Peter B. Andrews, Esquire , Craig J. Springer, Esquire , and David M. Sborz, Esquire , ANDREWS & SPRINGER LLC, Wilmington, Delaware; and Jeremy S. Friedman, Esquire , Spencer Oster, Esquire , and David F.E. Tejtel, Esquire , FRIEDMAN OSTER & TEJTEL PLLC, Bedford Hills, New York; Attorneys for Plaintiff-Appellant Paul Morris and all similarly situated unitholders of Spectra Energy Partners, L.P.

Robert S. Saunders, Esquire , Ronald N. Brown, III, Esquire , Ryan M. Linsay, Esquire , SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP, Wilmington, Delaware; Noelle M. Reed, Esquire (argued) and Daniel S. Mayerfeld, Esquire , SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP, Houston, Texas; Attorneys for Defendant-Appellee Spectra Energy Partners (DE) GP, LP.

Before SEITZ, Chief Justice; VALIHURA, VAUGHN, TRAYNOR, and MONTGOMERY-REEVES, Justices, constituting the Court en Banc.

With limited exceptions, a merger extinguishes an equity owner's standing to pursue a derivative claim against the target entity's directors or controller. But the same plaintiff has standing to pursue a post-closing suit if they challenge the validity of the merger itself as unfair because the controller failed to secure the...

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