Goldman Sachs' case against Energy Transfer regarding the Revolution natural gas pipeline were dropped by a New York Court on Jan. 29. (Source: Sergei Elagin/Shutterstock.com)
Claims of $150 million were dismissed against Energy Transfer (ET) in a New York Court on Jan. 29, the legal firm representing the midstream company announced.
Goldman Sachs and a group of Canadian investors claimed Energy Transfer misled the plaintiffs in a meeting that took place in August 2017. The dispute was over the Revolution natural gas pipeline in western Pennsylvania.
The plaintiffs claimed bad information from Energy Transfer led them to lose their investment in a gas production company, according to the press release from Lynn Pinker Hurst & Schwegmann, the law firm representing ET.
The trial took 12 days in the commercial division of the New York Supreme Court, which found that ET had accurately reported the status of the Revolution project to Goldman Sachs and the investment group.
The 41-mile Revolution pipeline transports natural gas between processing facilities in western Pennsylvania. A rupture to the line in 2018 caused a fire and released 3 MMcf of natural gas, according to reports at the time. The rupture led to fines and charges of environmental crimes against Energy Transfer.
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