Del. High Court Finds Managing Partner Ouster In Good Faith

Law360, Wilmington (August 26, 2013, 9:20 PM EDT) -- Delaware's Supreme Court affirmed Monday that five Chicago pension funds had acted in good faith under a limited partnership when they ousted the manager of the real estate investment firm for failing to deliver timely financial reports.

Though finding the Chancery Court had applied an overbroad definition of good faith to the terms of a limited partnership agreement, the Supreme Court upheld the lower court's ultimate finding that the funds' removal of manager DV Realty Advisors LLC was a legitimate action.

Under the limited partnership agreement,...
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