Market Overview

Settlement Reached in El Paso Shareholder Lawsuits Resulting from El Paso Acquisition

Kinder Morgan (NYSE: KMI) today announced that its wholly owned
subsidiary, El Paso LLC, has reached an agreement to settle all claims
asserted against all defendants by the former shareholders of El Paso
Corporation arising from the acquisition of El Paso by Kinder Morgan,
which closed May 24. These claims were filed in lawsuits in Delaware,
Texas and New York. As previously disclosed in KMI's second quarter
10-Q, the settlement amount is $110 million. The settlement is subject
to, among other conditions, approval by the Delaware Chancery Court.

While the acquisition of El Paso benefited both KMI and El Paso
shareholders, the company believes that resolving these claims at this
time, avoiding the expense and uncertainty of continued litigation, and

See full press release

Posted-In: News Guidance Global

 

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