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Expert Analysis

When Can LLCs Appoint A Special Litigation Committee?

By Muhammad Faridi and Elizabeth Quirk ( September 20, 2017, 12:53 PM EDT) -- In a decision handed down on Aug. 15, 2017, the New York Appellate Division, First Department, endorsed the practice of the appointment of a special litigation committee (SLC) by a limited liability company (LLC) "at least where explicitly contemplated" by the LLC's operating agreement.[1] However, where the operating agreement does not explicitly provide for such an appointment or otherwise evince intent to delegate core governance functions to a nonmember, the LLC cannot appoint an SLC that has authority over a major decision of the LLC.[2]...

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