GPB Capital Mismanagement Suit Survives In Chancery

Law360 (November 18, 2020, 7:09 PM EST) -- A Delaware vice chancellor let stand certain claims Wednesday in a derivative lawsuit filed against GPB Capital Holdings LLC and its officers alleging mismanagement of a general partnership that invests in automobile dealership groups, saying investors offered enough evidence to reasonably infer there was potential wrongdoing.

In a 38-page memorandum opinion, Vice Chancellor Sam Glasscock III ruled that Jeff and Carol Lipman, who are limited partners of the New York-based asset management firm, alleged enough in their suit to sustain a claim that GPB's founder and CEO David Gentile "used his control over GPB to cause it to breach duties to...

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