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Daily Archives: Saturday, August 19, 2017

Posted: August 19, 2017

Limited Liability Company Cannot Appoint Non-Member to Evaluate Derivative Claims

On August 15, 2017, the First Department issued a decision in LNYC Loft, LLC v. Hudson Opportunity Fund I, LLC, 2017 NY Slip Op. 06147, holding that, absent express authorization in the operating agreement, a New York limited liability company cannot appoint a non-member to a special litigation committee to evaluate a demand by a... Read more »