LAWSUITS NEWS & LEGAL INFORMATION
$27.5M Settlement Reached in Kinder Morgan Payout Manipulation Lawsuit
This is a settlement for the Securities/Stock Fraud lawsuit.
Santa Clara, CA: Kinder Morgan Inc. (KMI) has agreed to pay $27.5 million as settlement of two consolidated securities lawsuits alleging the oil company intentionally misclassified expenses so as to artificially inflate payouts, of which it allegedly received 50 percent.
According to the lawsuits, the plaintiffs alleged that KMI and the partnership's general partner, subsidiary Kinder Morgan GP Inc., (KMGP) misallocated certain unspecified capital expenditures as expansion capital expenditures rather than maintenance capital expenditures, with the intention of inflating KMP' distributions to its investors, including KMGP.
The cases are In Re: Kinder Morgan Energy Partners LP Capex Litigation, case number 9318, in the Delaware Court of Chancery.
Published on Aug-17-15
According to the lawsuits, the plaintiffs alleged that KMI and the partnership's general partner, subsidiary Kinder Morgan GP Inc., (KMGP) misallocated certain unspecified capital expenditures as expansion capital expenditures rather than maintenance capital expenditures, with the intention of inflating KMP' distributions to its investors, including KMGP.
The cases are In Re: Kinder Morgan Energy Partners LP Capex Litigation, case number 9318, in the Delaware Court of Chancery.
Legal Help
If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please fill in our form.Published on Aug-17-15
