Leo E. Strine Jr.
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,...
On Oct. 14, 2011, the Delaware Court of Chancery issued a 105-page post-trial opinion in In re Southern Peru Copper Corporation Shareholder Derivative Litigation, which involved a challenge to Southern Peru Copper Corp.’s purchase of Minera Mexico, S.A. de C.V. from Southern Peru’s controlling stockholder, Grupo Mexico, S.A.B. de C.V.,...