Gerber v. Enterprise Products Holdings, LLC

Bragar Eagel & Squire, P.C. served as lead counsel prosecuting derivative and class claims arising in two actions out of a variety of master limited partnership transactions involving Enterprise GP Holdings, L.P. ("EPE"), and transactions concerning Texas Eastern Products Pipeline Company, LLC.  Plaintiffs alleged that the general partner's approvals of the transactions were done in bad faith and in breach of the implied covenant of good faith and fair dealing. In one action, we obtained a settlement wherein defendants agreed to a merger that increased the value of the limited partnership units by approximately $400 million. In another action, after the trial court dismissed the complaint, we prevailed before the Delaware Supreme Court to reinstate the claims for breach of implied covenant. The matters settled for $12.4 million for the EPE's unitholders. Reported decision at 67 A.3d 400 (2012).