Search Results

Clifford Paper, Inc. v. WPP Investors, LLC

Publication Date: 2021-06-16
Practice Area: Corporate Governance
Industry: Investments and Investment Advisory | Manufacturing
Court: Court of Chancery
Judge: Vice Chancellor Slights
Attorneys: For plaintiff: Samuel T. Hirzel, II, Elizabeth A. DeFelice, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE; Matthew M. Oliver, Lowenstein Sandler LLP, Roseland, NJ for plaintiff.
for defendant: Oderah C. Nwaeze, Faegre Drinker Biddle & Reath LLP, Wilmington, DE for defendant.
Case Number: D69431

Claims alleging wrongful disposition of corporate resources or assets were essentially derivative in nature, meaning that former member of LLC lacked standing to assert such claims and could not do so after failing to make litigation demand or plead demand futility.