Energy Transfer’s Shareholder Sent to Texas Federal Court

Natural gas and pipeline company Energy Transfer LP won its bid to transfer a shareholder lawsuit to the US District Court for the Northern District of Texas, after a federal court in Manhattan agreed that it would be the more convenient forum.

Although the plaintiff’s choice of forum usually gets substantial deference, the shareholder plaintiffs intend to represent a nationwide class of shareholders, the US District Court for the Southern District of New York said.

They aren’t residents of New York, the court said, which diminished the amount of weight the court gave the representative plaintiffs’ preference.