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Energy Funds’ Mismanagement Caused $1 Billion Crash, Suit Says

Aug. 19, 2022, 9:11 PM

The board and investment manager for two related energy investment funds are responsible for causing and subsequently covering up $1 billion in losses, a shareholder says in a derivative suit filed in federal court in Kansas.

Tortoise Energy Infrastructure Corp. and Tortoise Midstream Energy Fund Inc. were closed-end funds, according to the complaint, filed Thursday in the US District Court for the District of Kansas. That’s a type that issues a fixed number of shares in a single public offering.

They were managed by their board of directors and investment adviser called Tortoise Capital Advisors LLC, investors Howard Nathanson and ...