Members of the board of directors of Crestwood Midstream Partners are facing an angry unitholder revolt. A number of Crestwood Midstream unitholders are not pleased with what they allege are breaches of fiduciary duty by the members of the company’s board of directors in connection with a proposed merger with Crestwood Equity.
The group of disgruntled unitholders recently filed a class action suit in federal court in Houston. In the case, Farber v. Crestwood Midstream Partners in the U.S. District Court for the Southern District of Texas, the plaintiffs allege that the Crestwood Midstream board members attempted to sell the master limited partnership to Crestwood Equity Partners and its general partner, Crestwood Equity GP (Equity GP), by means of an unfair process and for an unfair price. In the class action suit, the plaintiffs also bring a claim against the defendants for their violations of 14(a) of the Securities Exchange Act of 1934 and SEC Rule 14a-9.
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