The Delaware Court of Chancery recently explained under what circumstances dual claims will be allowed to proceed for both breach of fiduciary duty and breach of contract in the context of the manager of an LLC allegedly using LLC assets for his personal benefit in a manner not shared by all the other LLC members.
18-305
Chancery Court Denies Books and Records Demand for LLC
By Francis Pileggi on
Posted in Court of Chancery Updates
JAKKS Pacific, Inc. v. THQ/JAKKS Pacific, LLC, Del. Ch., No. 4295-VCL (May 6, 2009), read opinion here.
Pursuant to Section 18-305 of the Delaware Limited Liability Company Act (6 Del. C. Section 18-305), the plaintiff in this case sought an inspection of the books and records of an LLC. The complaint was filed on…