Pipeline operator El Paso received court approval on Monday for a $110 million class-action settlement with shareholders who alleged the $23 billion sale of the company to Kinder Morgan Inc was riddled with conflicts of interest.The case may have a lasting impact on Wall Street dealmaking by making advisers and bankers more sensitive to disclosing conflicts of interest when arranging mergers and takeovers.The settlement ended shareholder lawsuits that accused El Paso's chief executive, Douglass Foshee, and deal adviser, Goldman Sachs Group Inc, of having an interest in holding down the purchase price.Delaware Court of Chancery Judge Leo Strine called the settlement a "substantial achievement" for shareholders.
The Goldman Sachs Group, Inc. (Goldman Sachs) is a global investment banking, securities and investment management firm that provides a range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Shares of GS traded higher by 0.59% or $0.69/share to $118.48. In the past year, the shares have traded as low as $86.90 and as high as $128.72. On average, 4356460 shares of GS exchange hands on a given day and today's volume is recorded at 2648788.
Kinder Morgan, Inc. (KMI) owns and manages a diversified portfolio of energy transportation and storage assets. Shares of KMI traded higher by 0.18% or $0.06/share to $33.87. In the past year, the shares have traded as low as $28.50 and as high as $40.25. On average, 5520030 shares of KMI exchange hands on a given day and today's volume is recorded at 3076240.
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