In a recent opinion, Delaware Court of Chancery Vice Chancellor J. Travis Laster, siding with Chancellor Leo E. Strine Jr., said Delaware's LLC Act does impose default fiduciary duties upon an LLC's managers and controllers. Laster's opinion is the latest on a hotly debated issue between the Chancery Court and the state Supreme Court. Although one Delaware legal analyst said Laster used the opinion to defend Strine's position on the matter, others said the vice chancellor was in the unenviable position of having to decide an unsettled issue placed before him.
Laster Enters Debate Over Interpretation of LLC Act
Delaware Business Court Insider
December 5, 2012
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