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Lewis Lazarus, Morris James Lewis Lazarus, Morris James.

Trials involving books-and-records requests have become more common since the Delaware Supreme Court encouraged stockholder plaintiffs to use the “tools at hand” to discover information necessary to establish demand futility prior to pursuing derivative litigation. Less common are decisions post-trial regarding inspection rights for members of a Delaware limited liability company. The recent decision in Riker v. Teucrium Trading, C.A. No. 2019-0314-AGB (Del. Ch. May 12, 2020), reflects the care by which the Delaware Court of Chancery applies the applicable standard to determine whether a member has met his burden to show entitlement to documents and, if so, the scope of necessary production. The case also demonstrates that a company’s hard-fought litigation tactics opposing document requests, which the court ultimately validates, does not by itself provide grounds to shift attorney fees, particularly where plaintiff did not substantially prevail.

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