Chancellor Strine affirms default fiduciary duties in LLCs


In an opinion issued today addressing the fiduciary duties of managers of Delaware limited liablity companies, Chancellor Strine reiterates and elaborates on the view previously expressed in the Court of Chancery that such duties exist by default under Delaware law and the Delaware Limited Liability Company Act.  The opinion can be reviewed here. For now, it therefore appears that the Delaware Supreme Court may have an opportunity to decide the issue addressed in the on-line symposium elsewhere on this site.

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[…] Director of the Institute of Delaware Corporate and Business Law, comments on the decision here. Professor Ann Conaway provides her insights on this opinion […]

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