Takeaways From Del. Encore And Auriga Rulings

Law360, New York (December 3, 2012, 10:35 AM EST) -- The Delaware Chancery Court’s August 2012 opinion in In re: Encore Energy Partners LP Unit Holder Litigation[1] is the latest in a series of cases addressing fiduciary duties and the implied covenant of good faith and fair dealing for managers of Delaware alternative entities.[2]

Earlier this year, in the Auriga Capital Corp. v. Gatz Properties LLC decision, the Delaware Chancery Court found that absent an effective waiver of fiduciary duties in a limited liability company agreement, default fiduciary duties apply to the managers of Delaware limited...
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