Gibson v. Gibson Family Ltd. P’ship

Delores Gibson and her two sons, Michael and Greg Gibson, created the Gibson Family Limited Partnership (GFLP). Delores served as the general partner, and Michael and Greg were limited partners. Michael filed suit against GFLP, Delores, and Greg, asserting, among other claims, that Delores breached her fiduciary duty by leasing the property to Greg. The jury rejected Michael’s claims. Michael later commenced this action asserting that Delores breached her fiduciary duty to GFLP based on the partnership’s land transactions with Greg. Michael subsequently amended his complaint to also seek equitable relief in the form of dissociation from GFLP for value. The jury returned a verdict against Michael on the fiduciary claim, the only claim relevant to this appeal. The court then denied Michael’s dissociation claim. The Supreme Court affirmed, holding that the circuit court did not err in (1) declining to order dissociation for value; and (2) making certain evidentiary rulings in the jury trial and by refusing to reconsider dissociation based on newly discovered evidence. View "Gibson v. Gibson Family Ltd. P’ship" on Justia Law