Everest Prop. II, LLC v. Prometheus Development Co.
- Case Date: 12/20/2007
- Project Name: Civil Justice Reform
On December 20, 2007, WLF filed a brief in the California Supreme Court urging it to review and reverse a court of appeal's ruling that expanded legal liability for the first time of a general partner when proposing transactions involving the partnership property. The court of appeal held that the general partner has a duty to ensure that the proposed transactions were "inherently fair" to the limited partners, despite those partners' approval of the transaction and California law, which allows a general partner to make a profit in dealing with partnership property. The Court has until February 4, 2008 to decide whether or not it will review the case.
More Information and Downloads:
|12/20/2007: Download the Brief|
|Press Release: WLF Urges California Supreme Court to Review Ruling Expanding Partnership Liability|