Delaware Supreme Court
The judiciary in Delaware is important for U.S. corporations given that a large number of public companies listing the state as their legal address and incorporated there.
The Delaware Court of Chancery has once again issued an opinion holding that managers of Delaware Limited Liability Companies (LLC) owe fiduciary duties to the LLCs they manage, even in the absence of a provision in the operating agreement establishing the existence of the fiduciary duties.
Litigation: No personal jurisdiction in Delaware over managers of state LLPs for breach of fiduciary duty claims
On Nov. 14, in New Media Holding Co., LLC v. Brown, Chancellor Leo E. Strine Jr., held that Delaware law provides no statutory basis for exercising jurisdiction over the manager of a Delaware limited liability partnership for breaches of fiduciary duty in the course of his work for the partnership,...
Last week the Delaware Supreme Court ruled that insurers can contest life policies that pay investors when the subject of the policy dies.