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Litigation: Can LLC members effectively waive their fiduciary duties?

The answer varies by state, but New York and Delaware favor waiver

As limited liability companies (LLCs) continue to become more prevalent, courts have begun to consider the extent to which members may waive fiduciary obligations. Recent decisions by the Delaware Court of Chancery and the New York Court of Appeals exhibit a trend that favors contractual waiver, but courts in many other states have yet to make their own contours clear.

Delaware

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Vincent Syracuse

Vincent J. Syracuse is Chair of Tannenbaum Helpern Syracuse & Hirschtritt LLP’s Litigation & Dispute Resolution Practice. He represents a variety of clients in commercial...

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Paul Sarkozi

Paul D. Sarkozi is partner in Tannenbaum Helpern Syracuse & Hirschtritt LLP’s Litigation & Dispute Resolution Practice. Recently, Paul was named as one of the...

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Jamie Stecher

Jamie B.W. Stecher is a partner in Tannenbaum Helpern Syracuse & Hirschtritt LLP’s Litigation & Dispute Resolution Practice. He represents clients in a multiplicity of...

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Zev Raben

Zev F. Raben is an associate in Tannenbaum Helpern Syracuse & Hirschtritt LLP’s Litigation & Dispute Resolution Practice. His focus is on complex commercial litigation...

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