David Fowler Johnson, in his Texas Fiduciary Litigator Blog, discusses Villareal v. Saenz.
In Villareal v. Saenz, two co-owners of a limited liability company sued each other regarding conduct surrounding a business divorce. 5-20-CV-00571-OLG-RBF, 2021 U.S. Dist. LEXIS 94183 (W.D. Tex. May 18, 2021). After the parties asserted allegations against each other, they entered into a release agreement. The parties agreed that “Saenz would assign his entire interest to ZroBlack LLC to Villarreal.” After the release, Saenz refused to return certain property to the company. Villarreal sued for breach of fiduciary duty and other claims.
To see the full article, click: “Business Divorce: Exiting Member of LLC May Still Owe Fiduciary Duties.”
To download the full opinion, click: “Business Divorce: Exiting Member of LLC May Still Owe Fiduciary Duties.”
Posted by Bella Hoang, Managing Associate Editor, Wealth Strategies Journal.