Homeland Energy Solutions, LLC v. Retterath
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In this breach of contract action involving the repurchase of all of a limited liability company's (LLC) member's membership interests, the Supreme Court reversed in part the district court's determination that the LLC was entitled to specific performance under the parties' agreement and granting the LLC's request for attorney fees, holding that the award of attorney fees was in error.
The LLC member and the LLC executed an agreement whereby the LLC would buy back all of the member's membership interests. Five days later, the member attempted to revoke his offer to sell his interests. The LLC filed a breach of contract claim seeking specific performance as well as attorney fees under the contract. The district court held that the member had breached the agreement, ordered specific performance under the agreement, and granted the LLC's request for attorney fees. The Supreme Court affirmed in part and reversed in part, holding that the district court (1) correctly determined that the contract was a valid and binding agreement and that the LLC was entitled to specific performance as the remedy for the member's breach of the agreement; but (2) erred in awarding attorney fees.
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