A Phillips shareholder filed suit over the Pickens bid.

The class-action suit, filed in U.S. District Court in Los Angeles against Phillips Petroleum Co. and Texas oilman T. Boone Pickens, alleges that Phillips and Pickens violated securities laws with their recent agreement ending the takeover bid. The suit was brought by Christopher and Brynn Kelly as trustees for a family trust that bought 500 Phillips shares at $54 each in December. The day after Phillips and Pickens announced their truce on Dec. 23, Phillips shares plunged over $9 a share to close at $45.25. The suit seeks up to $210 million in damages.