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Strebel v. Wimberly

The appellant sued to recover profit distributions from shared business ventures that the plaintiff alleged the defendant wrongfully withheld. The trial court entered judgment for the defendant. Status as a limited partner alone does not give rise to a fiduciary duty to other limited partners. That is not to say, however, that a party who is a limited partner does not owe fiduciary duties to other limited partners when that party, wearing a different hat, exerts operating control over the affairs of the limited partnership. The trial court's judgment is reversed and remanded. Houston's 1st Court of Appeals, No. 01-10-00227-CV, 01-12-2012.

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OPINION

This is an appeal from a judgment following a jury trial. Plaintiff John Wimberly sued defendant Douglas Strebel to recover profit distributions from their business ventures that Wimberly alleges Strebel wrongfully withheld. The trial court entered judgment on the jury’s finding that Strebel breached his fiduciary duties to Wimberly and awarded to Wimberly actual damages and attorneys’ fees. We reverse the trial court’s judgment on Wimberly’s breach of fiduciary duty claims because we conclude that the parties contractually disclaimed the fiduciary duties related to profit distributions to Wimberly. We remand to the trial court for consideration of the jury’s alternative liability and damages findings on Wimberly’s minority oppression claims and for reconsideration of its attorneys’ fees award in light of our opinion.

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