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Court Of Chancery Explains Member Fiduciary Duty

Posted In LLC Agreements
Xcell Energy and Coal Company LLC v. Energy Investment Group LLC, C.A. No. 8652-VCN (June 30, 2014) The question of whether the members of an LLC owe fiduciary duties to the other membersĀ  is dependent on the terms of the LLC agreement. When thereĀ is a manager designated by the LLC agreement, the members as members will not ordinarily have fiduciary duties.