Delaware Business Litigation Report
Court Of Chancery Upholds Waiver Of Fiduciary Duties
This simple decision is still important because it contains the contract language that effectively waives any fiduciary duty to the limited partners in a Delaware LLP. This has been a source of confusion in the past where the language was less clear and complete. For example, there are Delaware decisions that find that efforts to waive fiduciary duties did not extend to the duties owed to minority owners.