TRP - TC Energy plans to appeal U.S. court ruling on 2016 Columbia Pipeline deal
2023-07-03 10:55:06 ET
TC Energy ( NYSE: TRP ) said Sunday it strongly disagrees with the Delaware Chancery Court's ruling against the company in a class action lawsuit brought on behalf of former Columbia Pipeline shareholders and is evaluating its options for appeal .
The court determined former Columbia executives breached their fiduciary duties to shareholders and made material disclosure omissions, and that TC Energy ( TRP ) was aware and took advantage of the breaches.
The court awarded shareholders damages of US$1/share, with the final award yet to be determined but expected to total ~US$400M plus interest; TC Energy ( TRP ) said it will not be responsible for the full amount, but its proportionate share will not be known until an allocation hearing is completed and a decision rendered, likely later this year.
The company said it disputes many of the findings of fact and law, and plans to appeal once the final allocation is determined; it expects an appeal will take at least a year.
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TC Energy plans to appeal U.S. court ruling on 2016 Columbia Pipeline deal