The Delaware Chancery Court has prevented an investment management business from bringing fraud and breach of fiduciary duty causes of action against a joint venture partner because it had signed a general release prohibiting pursuit of such claims.
Vice Chancellor J. Travis Laster issued the decision last month inSeven Investments LLC v. AD Capital LLC . In the opinion, Laster determined Seven Investments could not pursue claims against AD Capital related to a joint venture the two parties formed dubbed Canvas Cos., because Seven Investments agreed to release AD Capital from such claims when it signed the termination agreement to end the joint venture.
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