Delaware Chancery Court Rules in LLC Dispute: Report
International Rail Partners LLC et al. v. American Rail Partners LLC (case number 2020-0177), Delaware Vice Chancellor Paul A. Fioravanti Jr. ruled that American Rail Partners LLC (ARP) must cover legal expenses incurred by International Rail Partners LLC (IRP). ARP had sued IRP “over unjust enrichment claims.” Fioravanti ruled that a limited liability agreement “unambiguously” provides that expenses be covered. Fioravanti said “fee advancement provisions of ARP’s limited liability agreement are ‘quite broad’ and unambiguous,” according to Law360. “‘For purposes of this...
Source: railwayage.com