Welcome to the El Paso Corporation
Shareholder Litigation Website
The In re El Paso Corporation Shareholder Litigation (the “Action”) is a shareholder class action lawsuit in the Delaware Court of Chancery, challenging the merger (“Merger”) between El Paso Corporation (“El Paso”) and Kinder Morgan, Inc. (“Kinder Morgan”). The Action alleges, among other things, that the Merger was the product of breaches of fiduciary duty by the Board of Directors of El Paso, aided and abetted by Kinder Morgan and by El Paso’s financial advisor, Goldman, Sachs & Co.
Court-appointed class lead plaintiffs Pompano Beach Police & Firefighters’ Retirement System, Pipefitters Local Union #537 Trust Funds, Saratoga Advantage Trust Energy & Basic Materials Portfolio, and Saratoga Advantage Trust Mid Capitalization Portfolio (collectively, “Co-Lead Plaintiffs”), on behalf of themselves and a class of El Paso shareholders, have reached a proposed settlement of the Action for a total of $110 million in cash (the “Settlement”). A hearing to consider approval of the Settlement has been scheduled for December 3, 2012 in the Delaware Court of Chancery. If approved, the Settlement will also resolve other Merger-related lawsuits that were filed on behalf of El Paso shareholders in the state courts of Texas and New York.
Co-Lead Plaintiffs and the Class are represented in the Action by the law firms of Bernstein Litowitz Berger & Grossmann LLP, Grant & Eisenhofer P.A., and Labaton Sucharow LLP, the Court-appointed Co-Lead Counsel in the Action.
Please be advised that your rights will be affected by the Settlement of this class action lawsuit if you held shares of El Paso Corporation common stock at any time between and including August 30, 2011 and May 25, 2012 (the effective date of the merger between El Paso and Kinder Morgan).
If you held shares of El Paso Corporation common stock as of May 25, 2012, you may be eligible to receive a cash payment from the Settlement proceeds. If you wish to be eligible to receive a cash payment from the Settlement, you are required to submit a Claim Form and the required supporting documentation as set forth therein postmarked no later than December 27, 2012.
Please be sure to review the Notice to fully understand your rights.
IMPORTANT DATES AND DEADLINES
|November 23, 2012||Any objections to the Settlement, to the Plan of Allocation of the Settlement proceeds, or to Co-Lead Counsel’s application for attorneys’ fees and reimbursement of Litigation Expenses must have been received by November 23, 2012.|
|December 3, 2012||A Settlement Hearing was held in the Delaware Court of Chancery on December 3, 2012 at 12:30 p.m.|
|December 27, 2012||Claim Forms, together with supporting documentation, must have been postmarked by December 27, 2012.|