Welcome to the Enterprise GP Holdings Securities Litigation Settlement Website
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Welcome to the Enterprise GP Holdings Securities Litigation Settlement Website

This website has been established to provide general information related to the Enterprise GP Holdings ("EPE") Securities Litigation and the resulting Settlement Fund. The capitalized terms used on this website, and not defined herein, shall have the same meanings ascribed to them in the Stipulation and Agreement of Compromise and Settlement dated April 2, 2014.

This action is pending before Judge John W. Nobel in the Court of Chancery of the State of Delaware.  Defendant Enterprise GP  Holdings L.P., was a midstream energy holding company based in Houston, Texas that was acquired by Enterprise Products Partners L.P.in 2010.

This Settlement involves two actions brought by Joel A. Gerber ("Plaintiff"), a former unitholder of Enterprise GP  Holdings L.P. ("EPE"), against certain affiliates of EPE and the directors of EPE's general partner, EPE Holdings LLC ("EPE GP").  The two actions are referred to as "Gerber I", which was filed on February 14, 2008, and "Gerber II", filed on November 11, 2010.

Plaintiff commenced the Gerber I litigation by filing his initial complaint on February 14, 2008, asserting commonlaw claims for breach of fiduciary duty against EPE GP in connection with the EPE purchase of Teppco GP from affiliates of Mr. Dan Duncan in exchange for EPE limited partnership units worth approximately $1.1 billion  (the "2007 Transaction").

The Gerber II Amended Complaint alleged, among other things, that: Defendants breached express and implied duties in connection wth the 2009 Sale, which Plaintiff asserts was at a price unfair to EPE.  In the 2009 Sale, in exchange for Teppco GP, EPE received 1,333,681 common units of Enterprise Product Partners L.P. ("EPD") worth $39.15  million plus an approximately $60 million increase in the capital account of EPD GP, which EPE owned, to maintain its 2% general partner interest in EPD.

Defendants have denied, and continue to deny, that they have committed or aided and abetted in the commission of any violation of law or engaged in any alleged unlawful or wrongful act whatsoever, and expressly maintain that they diligently and scrupulously complied with all legal and equitable duties. Defendants are entering into the Stipulation because the proposed Settlement would eliminate the burden, expense, and risk of further litigation.

The Court has preliminarily certified a Settlement Class as a non-opt out class of any and all record and beneficial holders of Enterprise GP Holdings L.P. ("EPE") units who held units on May 7, 2007, October 26 2009, or November 22, 2010, including their legal representatives, heirs, successors in interest and assignees of all such foregoing holders, but excluding all Defendants or affiliates of Defendants; the members of each of the current and former Defendants' Immediate Family; and the legal representatives, heirs, successors in interest or assigns of any such excluded party.  The Settlement Class is mandatory and members do not have the opportunity to exclude themselves.

A Settlement Fund consisting of $12,400,000 in cash, plus any accrued interest, has been established.   The Net Settlement Fund will be distributed to those Class Members holding units of EPE as of the close of the 2010 Merger on November 22, 2010.

The Settlement Class is represented by Rosenthal Monhait & Goddess, P.A. and Bragar Eagel & Squire, P.C., Class Counsel for this litigation.

Although the information in this website is intended to assist you, it does not replace the information contained in the Notice of Proposed Settlement of Class Action, Settlement Hearing and Right to Appear (the "Notice") or the Stipulation and Agreement of Compromise and Settlement, both of which can be found and downloaded from this website. We recommend that you read the Notice and other relevant case documents carefully. 

  Your Legal Rights and Options in this Settlement      

Do Nothing Appear and Object
Class Members are not required to submit a proof of claim. If approved by the Court, the Net Settlement Fund is being distributed on a pro-rata basis to those Class Members who held EPE units as of the close of the 2010 Merger on November 22, 2010, in accordance with their record or beneficial ownership of EPE units on that date. If you are a Class Member, you may write to the Court to object to the certification of the Settlement Class, the Settlement, the Judgment and/or Plaintiff's counsel's application for fees and expenses.  Objections must be served on both the Court and Counsel in the manner detailed in the Notice.

 

 Important Dates

File Objection Settlement Hearing

June 17, 2014

 July 1, 2014