Law360, New York (March 6, 2012, 1:12 PM EST) -- In a recent decision by the Delaware Court of Chancery, Auriga Capital Corp. v. Gatz Properties LLC, C.A. 4390-CS (Del. Ch. Jan. 27, 2012), the court strongly reaffirmed that managers of a limited liability company owe traditional fiduciary duties to the limited liability company and its minority members unless such duties are explicitly reduced or eliminated by the terms of the limited liability company's operating agreement.
This article summarizes the key issues in the Auriga v. Gatz case.