Culverhouse v. Paulson & Co., No. 14-14526 (11th Cir. 2015)
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Plaintiff filed a putative class action against defendants for breach of fiduciary duty, gross negligence, and unjust enrichment. Because this appeal depends on the resolution of an unsettled issue of Delaware law, the court certified the following question to the Delaware Supreme Court: Does the diminution in the value of a limited liability company, which serves as a feeder fund in a limited partnership, provide the basis for an investor’s direct suit against the general partners when the company and the partnership allocate losses to
investors’ individual capital accounts and do not issue transferable shares and losses are shared by investors in proportion to their investments?
The court issued a subsequent related opinion or order on February 17, 2016.
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