Posted on December 19, 2008 by Francis G.X. Pileggi

Chancery Interprets LLC Agreement that Modifes Fiduciary Duties

Kahn v. Portnoy, (Del. Ch., Dec. 11, 2008), read opinion here. This Chancery Court opinion deals with the important concept of the ability to modify fiduciary duties in an LLC agreement. In this derivative case involving an LLC, the LLC agreement's modification of fiduciary duties was not clear enough to... Continue Reading...
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Posted on October 28, 2008 by Francis G.X. Pileggi

Chancery Rules that LLC Agreement is Subject to Statute of Frauds, in Issue of First Impression

Olson v. Halvorsen, (Del. Ch., Oct. 22, 2008), read opinion here. The Chancery Court decided an issue of first impression in the context of cross motions for summary judgment in this case: Does the statute of frauds apply to an LLC Agreement. The answer is yes. Moreover, the court reasoned... Continue Reading...
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