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Texas Pacific Land Trust Investors Accuse Trustees of Misconduct

A group of dissident Texas Pacific Land Trust investors has filed counter-claims against two incumbent trustees at the company, accusing them of breaching their fiduciary duties by giving themselves sizable raises and buying a private plane before spending millions on a proxy fight.

The group, which includes SoftVest LP, Horizon Kinetics LLC and ART-FGT Family Partners, is asking a federal court judge in Dallas to rule that a May 22 shareholder vote was valid and that its nominee, Eric Oliver, won. The group is seeking an order barring the trust’s two incumbent trustees from disputing Oliver’s election or meeting without him, according to a court filing Tuesday.