SunCoke Beats Securities Suit Over Affiliate Merger On Appeal

SunCoke Energy Partners LP unitholders failed to convince the Third Circuit on Tuesday to revive a proposed class action brought against the company and its board members for allegedly violating securities laws in connection with a buyout from a related company.

Michael Cohn, a unitholder of SXCP, challenged the conflicts-prevention protocols for an acquisition by former partial parent SunCoke Energy Inc., which traded independently of SXCP on the New York Stock Exchange, in a purported “simplification transaction.” SXCP’s sole general partner, SunCoke Energy Partners GP LLC, was 100% owned by SunCoke through a wholly owned subsidiary.

The U.S. District Court ...