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Expert Analysis

The Tzolis Ruling, LLCs And Derivative Rights To Sue

Law360 (March 13, 2008, 12:00 AM EDT) -- In a radical departure from its historical approach to statutory interpretation, a majority of the New York State Court of Appeals held for the first time that members of limited liability companies (LLCs) may bring derivative suits on the LLCs' behalf, despite the fact that there is no such right codified in New York law and that the New York Legislature specifically considered and rejected such a derivative right to sue when it enacted New York's Limited Liability Company Law....

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