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An Easier Path To Derivative Actions Against Virginia LLCs

Law360 (July 9, 2018, 1:35 PM EDT) -- On May 31, 2018, the Supreme Court of Virginia issued an opinion holding that the Virginia Limited Liability Company Act, or VLLCA, does not require a member of a limited liability company to first make a demand on the LLC prior to commencing a derivative proceeding on behalf of the LLC if doing so would be futile. The court’s interpretation of the derivative action sections of the VLLCA in this case comes as a surprise to many Virginia law practitioners who since 2011 have interpreted the...
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