Sign In
Events
Newsletters
Search

Close

Close Search

Cancel

SEARCH
MY LAW.COMNEW

Strebel v. Wimberly

The appellant sued to recover profit distributions from shared business ventures that the plaintiff alleged the defendant wrongfully withheld. The trial court entered judgment for the defendant. Status as a limited partner alone does not give rise to a fiduciary duty to other limited partners. That is not to say, however, that a party who is a limited partner does not owe fiduciary duties to other limited partners when that party, wearing a different hat, exerts operating control over the affairs of the limited partnership. The trial court's judgment is reversed and remanded. Houston's 1st Court of Appeals, No. 01-10-00227-CV, 01-12-2012.

X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
OPINION

This is an appeal from a judgment following a jury trial. Plaintiff John Wimberly sued defendant Douglas Strebel to recover profit distributions from their business ventures that Wimberly alleges Strebel wrongfully withheld. The trial court entered judgment on the jury’s finding that Strebel breached his fiduciary duties to Wimberly and awarded to Wimberly actual damages and attorneys’ fees. We reverse the trial court’s judgment on Wimberly’s breach of fiduciary duty claims because we conclude that the parties contractually disclaimed the fiduciary duties related to profit distributions to Wimberly. We remand to the trial court for consideration of the jury’s alternative liability and damages findings on Wimberly’s minority oppression claims and for reconsideration of its attorneys’ fees award in light of our opinion.

BACKGROUND

Trending Stories

 
Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.

LEARN MORE

More From ALM

Premium Subscription
With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. This is perfect for attorneys licensed in multiple jurisdictions or for attorneys that have fulfilled their CLE requirement but need to access resourceful information for their practice areas.
View Now
Team Accounts
Our Team Account subscription service is for legal teams of four or more attorneys. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team.
View Now
Bundle Subscriptions
Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Both options are priced the same.
View Now
Go to CLE Center
New York Legal Awards 2024
September 05, 2024
New York, NY

The New York Law Journal honors attorneys and judges who have made a remarkable difference in the legal profession in New York.


Learn More
GlobeSt. Women of Influence (WOI) 2024
July 22, 2024 - July 24, 2024
Lake Tahoe, CA

GlobeSt. Women of Influence Conference celebrates the women who drive the commercial real estate industry forward.


Learn More
African Legal Awards 2024
September 06, 2024
Johannesburg

The African Legal Awards recognise exceptional achievement within Africa s legal community during a period of rapid change.


Learn More
Go to Events Go to Webcasts
Paralegal/Legal Assistant

Eichen Crutchlow Zaslow LLP is a highly regarded legal firm based in Edison, New Jersey. The firm specializes in medical malpractice and per...


Apply Now ›
Associate Professor or Professor of Law

The George Washington University Law School invites applications for multiple tenure-track or tenured faculty appointments, at the rank of A...


Apply Now ›
Employment Attorneys Senior Counsel - Los Angeles, Ventura, California

Gordon Rees Scully Mansukhani has an immediate opening for experienced Employment Attorneys in its Los Angeles and Ventura offices. Candida...


Apply Now ›
Go to Lawjobs
Lawyers of Distinction
06/27/2024
The American Lawyer

Professional Announcement


View Announcement ›
SMGQ Law
06/21/2024
Daily Business Review

Full Page Announcement


View Announcement ›
Blume Forte Fried Zerres & Molinari
06/14/2024
New Jersey Law Journal

Professional Announcement


View Announcement ›
Go to Professional Announcements