Anglo American Security Fund, L.P. v. S.R. Global International Fund, L.P., download file. In this Chancery Court decision, the court addressed disputes arising from the interpretation of a Limited Partnership Agreement and certain alleged duties existing between the limited and general partners. On cross motions for summary judgment, the court found a basis for the claim for breach of contract but no damages.
On the fiduciary duty claim of breach due to non-disclosure the court found that there was a failure in the argument because no reliance was shown and no shareholder action was requested. See Malone v. Brincat, 722 A.2d 5, 13 (Del. 1998) (absent a request for shareholder action, no “rebuttable presumption of reliance” due to omissions.)
The court also found that the negligence claim failed because of a provision in the Limited Partnership Agreement and based on Section 17-407 of the DRULPA which protects a general partner of a limited partnership who relies in good faith on financials prepared by others.