Enterprise Products Partners LP (NYSE: EPD) on July 19 said the company won its appeal against Energy Transfer Partners LP (NYSE: ETP).
The appeal was from a 2014 Dallas jury verdict in a lawsuit filed by Energy Transfer over a proposed pipeline project that was canceled owing to lack of customer support. In a statement, Enterprise expressed gratitude to the Fifth Court of Appeals.
“Sophisticated parties need the right to rely on written contracts,” said Enterprise appellate lawyer David E. Keltner in a statement. “Partnership by ambush is a bad public policy and goes against the freedom to contract guaranteed by the Texas Constitution. The business world breathed a sigh of relief today when ‘partnership by ambush’ was ruled out of bounds in Texas.”
In April 2011, Enterprise and Energy Transfer signed a series of agreements disclaiming any partnership or joint venture absent executed definitive documents and board approvals of the two companies. Definitive agreements were never executed and board approval was never obtained.
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