Friday, February 27, 2009

Well done, Rip Sullivan

In Remora Investments, LLC v. Orr, the Virginia Supreme Court in an opinion by Justice Lemons affirmed the decision by the Fairfax Circuit Court that one member of a limited liability company lacks standing to sue another member or manager of the LLC for breach of fiduciary duty, but instead the duty is owed to the LLC itself.

I think that Rip Sullivan was on the winning side here, and I was rooting for him (as of now, until I'm on the other side of this issue).

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