Commercial Litigation
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Case Details
Maryland’s highest court, in Plank v. Cherneski, et al., clarified that an independent claim for breach of fiduciary duty exists under Maryland law. The court affirmed the trial judge's ruling that Mr. Cherneski had not breached his fiduciary duties to Mr. Plank and others in running the company, and awarded attorney's fees to Mr. Cherneski.
Additional Notes
The ruling has far-reaching ramifications in Maryland, extending beyond the LLC context to protect minority interest holders, beneficiaries of trusts, and other vulnerable parties.