The Delaware Court of Chancery has dismissed a lawsuit filed by unitholders of K-Sea Transportation Partners LP, ruling that the company’s conflicts committee did not breach its fiduciary duties when it approved a $332 million merger with Kirby Corp. The court held that members of K-Sea’s committee did not breach their fiduciary duties because their operating agreement required them to consider the merger as a whole and not just a portion of it.
Vice Chancellor Donald F. Parsons Jr. issued the opinion April 4 inIn re K-Sea Transportation Partners L.P. Unitholders Litigation , a class action dispute that has moved through the Chancery Court since March 2011.
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