The Delaware legislature has amended Section 18-1104 of the Delaware Limited Liability Company Act (the "Act") to resolve an ambiguity as to whether
As reported in our December Corporate Alert, the New Jersey Revised Uniform Limited Liability Company Act took effect on March 18, 2013. The Act
The Delaware Court of Chancery has often held that managers of a Delaware limited liability company are subject to "default" fiduciary duties. The
The Delaware Supreme Court affirmed the Chancery Court's decision that a limited liability company's controlling member-manager breached his contractual
The New Jersey Revised Uniform Limited Liability Company Act (the "Act") was recently enacted. The Act represents the first set of significant changes to
The Delaware Chancery Court held that the traditional fiduciary duties of loyalty and care are owed by managers of Delaware limited liability companies to their members in the absence of a contractual provision waiving or modifying those duties.
The Delaware Court of Chancery ruled in favor of a hedge fund investor's breach of contract and fiduciary duty claims.
The Delaware Court of Chancery approved the transfer of a limited liability company membership interest, including both the economic and voting rights associated with that interest, to an existing member of the company without the consent of a third member.
The Delaware Supreme Court has banned derivative suits by creditors of Delaware limited liability companies ("LLCs").
The U.S. Bankruptcy Court for the District of Delaware ruled that an affiliate that held an indirect ownership interest in, and was a lender to, an employer could be liable for severance payments under the Federal WARN Act.