Delaware Court Rules in Favor of Energy Transfer on Convertible Preferred Units Issuance

DALLAS--(BUSINESS WIRE)--Energy Transfer Equity, L.P. (NYSE: ETE) announced today that the Delaware Court of Chancery has ruled in favor of ETE in the litigation related to the issuance by ETE of convertible preferred units that occurred in March 2016. In an opinion issued May 17, 2018, the Court denied the plaintiff’s request for rescission of the transaction and associated injunctive relief. Accordingly, the convertible preferred units will convert into common units on May 21, 2018 in accordance with the previously announced terms of the convertible preferred units.