Operating Agreements Waiver of Opportunity Doctrine Does Not Waive Other Default Fiduciary Obligations

Operating Agreements Waiver of Opportunity Doctrine
Does Not Waive Other Default Fiduciary Obligations

In a recent decision from the Delaware Chancery Court, 77 Charters, Inc. v. Gould, C.A. No. 2019-0127-JRS, 2020 WL 2520272 (Del. Ch., May 18, 2020), while dismissing all significant portions of the allegations made and criticizing the rather unorganized and unspecific architecture of the complaint, did reject the assertion that a waiver of the opportunity doctrine constitute a waiver of otherwise applicable default fiduciary duties. On that basis, those claims were allowed to proceed.

The Morris James firm in Delaware has published a review of this decision; HERE IS A LINK to that review.