The Appellate Division, First Department, broke new ground with a controversial decision earlier this month holding that LLC organizers owe a fiduciary duty when soliciting members. Read about it in this week’s New York Business Divorce.
Continue Reading Are LLC Organizers Fiduciaries?
The Appellate Division, First Department, has ruled consistent with Delaware law that an LLC manager’s right to indemnification of legal expenses in winning dismissal of one action need not await resolution of a second action raising the same claims. This week’s New York Business Divorce explains.
Continue Reading Following Delaware Precedent, New York Appeals Court Rules that Indemnification of LLC Managers for Successful Defense in First Action Need Not Await Resolution of Second, Related Litigation
A recent decision by Commercial Division Justice Charles E. Ramos in the case of Arfa v. Zamir grabs the spotlight in this week’s New York Business Divorce. The subject is an important one to business owners and their counsel: Does a general release in an out-of-court agreement between business partners/fiduciaries provide any protection against allegations of fraudulent nondisclosure?
Continue Reading Fiduciaries, the Duty to Disclose and the Incredible Shrinking Release