News & Analysis as of

Limited Partnerships DE Supreme Court

Mayer Brown

Delaware Supreme Court Upholds Forfeiture-for-Competition Provision in Limited Partnership Agreement

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On January 29, 2024, in Cantor Fitzgerald, L.P. v. Ainslie, the Delaware Supreme Court reversed a Chancery Court holding that a forfeiture-for-competition provision in a limited partnership agreement was unenforceable as an...more

BakerHostetler

Delaware Supreme Court Settles Forfeiture-for-Competition Question, Adopts Employee Choice Doctrine - Seventh Circuit Asks, ‘Are...

BakerHostetler on

Less than two months after the Delaware Supreme Court provided the employers, investment partners and other business leaders that trust in the stability of Delaware law to protect their critical business interests with the...more

Ballard Spahr LLP

Is the Delaware Supreme Court Pushing Back on Chancery’s Suspicion of Non-Competes?

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The Delaware Court of Chancery has been increasingly willing of late to strike down non-compete covenants as overbroad, a trend accompanied by a growing unwillingness to “blue pencil” agreements by narrowing terms to what the...more

Paul Hastings LLP

Delaware Supreme Court Rejects “Reasonableness” Test for Forfeiture-for- Competition Provisions

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Last week, the Delaware Supreme Court reversed a Chancery Court decision that we wrote about previously, which invalidated a forfeiture-for-competition provision as an unreasonable restraint of trade. The Ainslie et al. v....more

Jackson Lewis P.C.

Delaware Supreme Court Upholds Forfeiture-for-Competition Provision in Limited Partnership Agreement

Jackson Lewis P.C. on

Stemming a tide of Delaware decisions closely scrutinizing and refusing to enforce non-compete agreements, Delaware’s Supreme Court held that forfeiture-for-competition provisions arising out of a Delaware limited partnership...more

Proskauer - Law and the Workplace

Delaware Supreme Court Validates Forfeiture-For-Competition Provision in Unanimous Reversal of Chancery Court

In a win for businesses that rely on restrictive covenants to protect their assets and investments, on January 29, 2024, the Delaware Supreme Court unanimously reversed a Chancery Court decision that invalidated a...more

BakerHostetler

Delaware Supreme Court Upholds Enforceability of Forfeiture-for-Competition Provisions in Limited Partnership Agreements,...

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The Delaware Supreme Court yesterday upheld the enforceability of forfeiture-for-competition provisions in limited partnership agreements, reversing the Court of Chancery, which had reasoned that such provisions should be...more

Kramer Levin Naftalis & Frankel LLP

What to Tell Your Investor Limited Partners (or Stockholders or LLC Members)

A Delaware Supreme Court case earlier this year, Dohmen v. Goodman (Del. June 23, 2020), provides authoritative guidance on the duty of disclosure of management to stockholders, limited partners and members of limited...more

Morris James LLP

Delaware Supreme Court Holds That Limited Partnership Agreement That Includes Certain Books and Records Language From Section...

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Murfrey v. WHC Ventures, LLC, App. No. 294, 2019 (Del. Supr. Jul. 13, 2020) - Drafters of alternative entity agreements frequently cite to, or quote, statutory language to describe the parties’ obligations. But, the...more

Dorsey & Whitney LLP

Delaware Supreme Court Refuses to Apply Corporate Test in Limited Partnership Books and Records Case

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The recent Delaware Supreme Court case of Murfey v. WHC Ventures, LLC serves as a reminder that limited partnerships are contractual in nature and therefore in a books and records demand, legal standards applicable to...more

Lowenstein Sandler LLP

Delaware Supreme Court Clarifies Limited Partner Rights To Books And Records: The Decision Will Have A Meaningful Impact On All...

Lowenstein Sandler LLP on

What You Need To Know:- •For managers preparing documents for their first Delaware fund, the limited partnership agreement of the fund should expressly require that any materials requested in connection with a books and...more

Troutman Pepper

Fiduciary Duty Of Disclosure Does Not Apply To Individual Transactions With Equityholders

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In Dohmen v. Goodman, the Delaware Supreme Court declined to impose an affirmative fiduciary duty of disclosure on a general partner arising out of the general partner’s solicitation of capital contributions from a limited...more

Skadden, Arps, Slate, Meagher & Flom LLP

Delaware Court Precludes Creditors of Limited Partnership From Pursuing Derivative Claims

In several cases since the seminal 2011 Delaware Supreme Court decision CML V LLC v. Bax, which held that creditors of Delaware LLCs lack standing to pursue derivative claims, the U.S. Bankruptcy Court for the District of...more

A&O Shearman

Delaware Supreme Court Affirms Court Of Chancery, Finding That General Partner Complied With Obligations Under Limited Partnership...

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On June 8, 2018, the Delaware Supreme Court affirmed the Delaware Court of Chancery’s dismissal of a putative class action challenging the merger of El Paso Pipeline Partners, L.P. (the “MLP”) with a subsidiary of its general...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Delaware Supreme Court Addresses Limited Partnership Drop-Down Transactions and Conflicts Committees"

The Delaware Supreme Court recently ruled on two appeals from Court of Chancery decisions involving "conflicts committees" of Delaware limited partnerships. Both decisions arise out of challenges to "drop-down" transactions...more

Morris James LLP

Court Of Chancery Explains Scope Of Fiduciary Duty Waiver

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In Re Kinder Morgan Inc. Corporate Reorganization Litigation, C.A. 10093-VCL (August 20, 2015) - This is a great explanation of the scope of the waiver of a general partner or other fiduciary’s duties under the terms...more

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