Santa Fe Pacific Shareholder Sues to Block Sale

A shareholder of Orange-based Santa Fe Pacific Pipeline Partners LP, the largest independent pipeline carrier of petroleum in the West, has sued to block the $1.5-billion sale of the company to Kinder Morgan Energy Partners LP. Shareholder Myron Ruderman contends in his complaint filed in Delaware that the company’s controlling partners breached their fiduciary duties in making the cash-and-stock deal. Santa Fe is “extremely confident of the procedures that took place leading up to the transaction,” said R. Gregory Cunningham, the company’s general counsel.