HSW SECURES PARTIAL VICTORY FOR FORMER TEEKAY OFFSHORE UNITHOLDERS IN SOUTHERN DISTRICT OF NEW YORK

March 31, 2021

Harris St. Laurent & Wechsler secured a partial victory on behalf of former unitholders of Teekay Offshore Partners L.P. (now known as Altera Infrastructure), an international energy shipping and storage company that went private after a recent merger. The plaintiffs, represented by Jonathan Harris and Joseph Gallagher, along with co-counsel Bernstein Litowitz and Scott+Scott, alleged that bad faith business practices by the defendants depressed the value of Teekay’s common units and facilitated an unfair take-under of the business. The court has green-lighted the plaintiffs’ claims that Teekay breached its limited partnership agreement and acted in bad faith by approving the take-under. Read the full opinion and order here.