Derivative suits may be brought by members of limited liability corporations on behalf of their LLCs, even though state law provides no explicit authorization, a divided New York Court of Appeals ruled Thursday. The majority held that precedents dating back to the 18th century demand that LLC members receive the same legal recourse as is available to corporate shareholders. But the dissenters held that the Legislature intentionally omitted mention of such suits from the Limited Liability Company Law.
February 15, 2008 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Derivative suits may be brought by members of limited liability corporations on behalf of their LLCs, even though state law provides no explicit authorization for such actions, a divided New York Court of Appeals ruled Thursday.
The four judges in the majority held that English and American precedents dating back to the 18th century demand that LLC members receive the same legal recourse as is available to corporate shareholders.
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