District of Columbia § 29-709.05 Proceeds and expenses.

District of Columbia Statutes

§ 29-709.05 — Proceeds and expenses.

District of Columbia § 29-709.05

Title 29Business Organizations. [Enacted title]

Ch. 7Limited Partnerships.

Subch. IXActions by Partners.

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Bluebook

D.C. Code § 29-709.05 (2026).

Text

(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.

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(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.