Dieckman v. Regency GP LLP

Court: Delaware Court of Chancery
Case Number: 11130-CB
Case Leaders: Jeroen van Kwawegen, Edward G. Timlin, Gregory V. Varallo
Case Team: David Carlet

This is a class action asserting claims for breach of contract (including breach of the implied covenant of good faith and fair dealing) arising from the acquisition of Regency Energy Partners LP (“Regency”) by Energy Transfer Partners L.P. (“ETP”) (the “Merger”) for 0.4124 ETP limited partnership (“LP”) units per Regency limited partnership unit.

On June 10, 2015, BLB&G filed a verified class action complaint (the “Complaint”) in the Delaware Court of Chancery on behalf of Adrian Dieckman (“Plaintiff”) and similarly situated former common unitholders of Regency against, amongst others, the general partner entities that controlled it.

On March 29, 2016, the Court granted Defendants’ motion to dismiss the Initial Complaint. Plaintiff appealed this Court’s decision. On January 20, 2017, the Supreme Court reversed the Chancery Court’s decision. On February 20, 2018, the Court substantially denied Defendants’ renewed motion to dismiss. Following discovery, the Parties cross-moved for summary judgment. On October 29, 2019, the Court issued a memorandum opinion granting Plaintiff’s motion for partial summary judgment and denying Defendants’ motion for summary judgment.

The Court oversaw a trial from December 10, 2019 through December 16, 2019. Post-trial briefing was filed on January 13, 2020, February 10, 2020 and February 21, 2020. A post-trial hearing is scheduled for May 6, 2020 before Chancellor Andre G. Bouchard. Due to the COVID-19 health crisis, the hearing will most likely be conducted by video.