Delaware Cases: A New Line of LLC Cases

The last several years of Delaware business cases had many cases on predictable issues -- merger approvals, compensation, fiduciary duty, executive defense expense indemnification, and inspection procedure.  The surprise was the heavy number of cases on contract theory and its application to LLCs.  It is clear that Delaware is now seeking to establish a leading position in the country with a strong pro-contractual view on LLC operating agreements, buttressed significantly by a strong view on the limits of judges in rewriting and modifying contract obligations and language.