A Plaintiff who obtained an Arbitration Award against two members of an LLC lost the right to recover under the Award from the LLC when it settled up with the two LLC members. The case, decided today by the Business Court, is Essa Commercial Real Estate, Inc. v. Five Trees, LLC.
The facts are
This case, which involved four related lawsuits between the shareholders of a closely held corporation, contains a discussion of when a claim is a compulsory counterclaim. The Court said "Rule 13(a) of the North Carolina Rules of Civil Procedure provides that a party is required to plead as a counterclaim: (1) “any claim which at
This post is a listing and short summary of the fourteen new cases designated to the Business Court during the month of April 2009. I may start doing a post like this on a monthly basis.
The Sunbelt v. Ahern case (which was settled almost immediately after it was filed) made me think of Yogi
This case from the North Carolina Business Court involves the world’s 29th richest man, the City of Detroit, and a $55 million default judgment. Oh, and airplanes too. Big ones.
All this and more was discussed in the Business Court’s decision today in Deutsche Bank Trust Company Americas v. Tradewinds Airlines, Inc., 2009
The fiduciary duties owed by members and managers of limited liability companies are very different under North Carolina and Delaware law. In a bit of judicial serendipity, the North Carolina Court of Appeals and the Delaware Court of Chancery each issued opinions on those issues last week, just a day apart.
The North Carolina case
Ken Lewis, Bank of America’s CEO, has testified under oath to threats by former Secretary of the Treasury Hank Paulson to remove the Bank’s Board of Directors and its management if the Bank didn’t close its deal to acquire Merrill Lynch, and secret promises to support the Bank with federal funds if it did close
Three decisions from the North Carolina Business Court were affirmed today by the North Carolina Court of Appeals. They involve fiduciary duties of members of LLCs, the right of limited partners to sue directly for injury to a partnership, and the obligation of the personal representative of an estate to give notice to creditors.
Until today, there wasn’t any law in North Carolina on the proper choice of law analysis to decide what state’s law to apply in an accounting malpractice case. That changed with the North Carolina Business Court’s decision today in Harco Nat’l Ins. Co. v. Grant Thornton LLP, 2009 NCBC 11 (N.C. Super. Ct. April
One million nine hundred and seventy-five thousand dollars. Those are the fees applied for by the lawyers representing the Plaintiff in the almost completely unsuccessful effort to get an injunction against the now completed merger between Wachovia and Wells Fargo.
Plaintiff has presented a Stipulation and Agreement of Compromise, Settlement and Release to the Court
After a case is designated to the Business Court, the Clerk of Court in the county in which the case is pending no longer has the authority to grant a motion for extension of time. In this case, per Business Court Rule 9.2, the Court struck the Order entered by the Clerk granting an extension