The Delaware Court of Chancery has disqualified a retired federal judge from serving as the sole member of parallel special litigation committees assessing derivative claims on behalf of two limited liability companies because he is not a manager of either entity.
Ruling on a summary judgment motion in a 42-page memorandum opinion, Vice Chancellor J. Travis Laster said his decision to boot former Judge Michael R. Hogan, a 40-year veteran of the federal bench, from the one-man committees was rooted in case law that extends analogies of corporate law to LLCs that have adopted a governance structure similar to that of Delaware corporations.
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