D.C. Code § 29-709.05: Proceeds and expenses.
Where this section sits in the code
- Title 29. Business Organizations. [Enacted title]
- Chapter 7. Limited Partnerships.
- Subchapter IX. Actions by Partners.
(a)
Except as otherwise provided in subsection (b) of this section:
(1)
Any proceeds or other benefits of a derivative action, whether by judgment, compromise, or settlement, shall belong to the limited partnership and not to the derivative plaintiff;
(2)
If the derivative plaintiff receives any proceeds, the derivative plaintiff shall immediately remit them to the limited partnership.
(b)
If a derivative action is successful in whole or in part, the Superior Court may award the plaintiff reasonable expenses, including reasonable attorneys’ fees, from the recovery of the limited partnership.
(c)
A derivative action on behalf of a limited partnership may not be voluntarily dismissed or settled without the Superior Court’s approval.
Collected 2026-08-29T05:44:07Z. Source file · JSON