(805 ILCS 180/40‑1) Sec. 40‑1. Right of action. No action shall be
brought by a member, or transferee who is entitled to exercise
the rights of a member to bring an action, in the right of a
limited liability company to recover a judgment in its favor
unless members or managers with authority to do so have
refused to bring the action or unless an effort to cause
those members or managers to bring the action is not likely
to succeed. (Source: P.A. 90‑424, eff. 1‑1‑98.)
(805 ILCS 180/40‑5) Sec. 40‑5. Proper plaintiff. No action shall be
brought in the right of a limited liability company by a member or
transferee
who is a substituted member,
unless (i)
the plaintiff was a member or is a transferee who was a substituted member at
the time of the
transaction of which the person complains or (ii) the
person's status as a member or a transferee who is a
substituted
member had devolved upon him or her by operation of law or
under the terms of the operating agreement from a person who
was a member or a transferee who was a substituted member
at the
time of the transaction. (Source: P.A. 90‑424, eff. 1‑1‑98.)
(805 ILCS 180/40‑10) Sec. 40‑10. Pleading. In a derivative action, the
complaint shall set forth with particularity the effort of
the plaintiff to secure initiation of the action by the
limited liability company or the reasons for not making the
effort. (Source: P.A. 87‑1062.)
(805 ILCS 180/40‑15) Sec. 40‑15. Expenses. If a derivative action is
successful, in whole or in part, or if anything is received
by the plaintiff as a result of a judgment, compromise, or
settlement of an action or claim, the court may award the
plaintiff reasonable expenses, including reasonable
attorney's fees, and shall direct the plaintiff to remit to the
limited liability company the remainder of those proceeds
received by the plaintiff. (Source: P.A. 87‑1062.)
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