Del. High Court Overturns Landmark Chancery Ruling in 'Boardwalk Pipeline Partners'

Delaware’s Supreme Court unanimously overturned a landmark Chancery Court judgment holding a general partner liable for exercising an option to cash out minority holders in bad faith reliance on a “contrived” legal opinion.

The December 2022 ruling in Boardwalk Pipeline Partners v. Bandera Master Fund demonstrates the strength of contractual limitations on judicial review, and underscores the need for careful consideration of investor protections, rights and remedies.

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