Vermont Statutes Title 11 Sec. 4136
Terms Used In Vermont Statutes Title 11 Sec. 4136
- Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
- Plaintiff: The person who files the complaint in a civil lawsuit.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
§ 4136. Proceeds and expenses
(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, belong to the limited liability company and not to the plaintiff; and
(2) if the plaintiff receives any proceeds, the plaintiff shall remit them immediately to the company.
(b) If a derivative action is successful, in whole or in part, the court may award the plaintiff reasonable expenses, including reasonable attorney’s fees and costs, from the recovery of the limited liability company.
(c) A derivative action on behalf of a limited liability company may not be voluntarily dismissed or settled without the approval of the court. (Added 2015, No. 17, § 2.)