Andrews & Springer LLC filed a class action and derivative complaint on behalf of public unitholders of Spectra Energy Partners LP (“SEP”) in the Delaware Court of Chancery, civil action number 12110-VCG.

The complaint alleges breaches of SEP’s Second Amended and Restated Limited Partnership Agreement. Specifically, the complaint alleges that Spectra Energy Corporation (“SE Corp.,” through its control of SEP’s general partner, caused SEP to sell to SE Corp. equity interests in two liquid natural gas pipeline companies for roughly $500 million less than what SE Corp. admittedly proclaimed they were worth. The complaint further alleges that because members of SEP’s conflicts committee who approved the deal knew SE Corp had to sell the assets that it was buying from SEP for $500 million more than it was paying, the conflict committee’s approval could not have been the product of good faith.

Please click here for a copy of the public version of the Verified Class Action and Derivative Complaint.