February 2010
DE Chancery Court Won’t Dismiss Action Seeking Dissolution of a Deadlocked Joint VentureAlso Refuses to Dismiss Claims for Breach of Fiduciary Duty and the Implied Covenant of Good Faith and Fair Dealing
By Robert S. Reder and Rachel Fink
Unsuccessful 50/50 joint ventures often lead to disputes between the partners and, in some cases, may produce noteworthy judicial decisions. Such is the case with Lola Cars International Limited v. Krohn Racing, LLC, et al. in which the Delaware Court of Chancery recently refused to dismiss claims arising out of a deadlocked joint venture structured as a limited liability company ("LLC"),
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