Spectra Energy Partners Defeats $660 Million Derivative Claim

Skadden secured the dismissal of a $660 million derivative claim brought against Spectra Energy Partners (SEP) relating to its 2015 “reverse dropdown” transaction and Enbridge Inc.’s purchase of all of SEP’s common units in a roll-up transaction. On September 30, Vice Chancellor Sam Glasscock III of the Delaware Chancery Court held the plaintiff lacked standing because the derivative claim was not material to the roll-up transaction.