D.C. Code § 29-1206.13: Proceeds and expenses.
Where this section sits in the code
- Title 29. Business Organizations. [Enacted title]
- Chapter 12. Statutory Trusts.
- Subchapter VI. Beneficial Owners.
(a)
Except as otherwise provided in subsection (b) of this section:
(1)
Any proceeds or other benefits of a derivative action on behalf of a statutory trust, whether by judgment, compromise, or settlement belong to the trust and not to the plaintiff; and
(2)
If the plaintiff receives any proceeds, the plaintiff shall immediately remit them to the trust.
(b)
If a derivative action on behalf of a statutory trust is successful in whole or in part, the court may award the plaintiff reasonable attorneys’ fees, costs, and other expenses from the recovery by the trust.
(c)
A derivative action on behalf of a statutory trust shall not be voluntarily dismissed or settled without the court’s approval.
Collected 2026-08-29T05:44:07Z. Source file · JSON