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TZOLIS v. WOLFF

10 N.Y.3d 100 (2008)

884 N.E.2d 1005

855 N.Y.S.2d 6

SOTERIOS (STEVE) TZOLIS et al., Individually and in the Right and on Behalf of Pennington Property Co. and Another, et al., Respondents, v. HERBERT WOLFF et al., Defendants, and PARKWAY LLC et al., Appellants.

Court of Appeals of the State of New York.

Decided February 14, 2008.

Attorney(s) appearing for the Case

Loeb & Loeb LLP, New York City (David M. Satnick, David B. Eizenman and John A. Piskora of counsel), for appellants.

Feldman Weinstein & Smith LLP, New York City (Eric S. Weinstein and Yong Hak Kim of counsel), for respondents.

Chief Judge KAYE and Judges CIPARICK and PIGOTT concur with Judge SMITH; Judge READ dissents in a separate opinion in which Judges GRAFFEO and JONES concur.

OPINION OF THE COURT

SMITH, J.

We hold that members of a limited liability company (LLC) may bring derivative suits on the LLC's behalf, even though there are no provisions governing such suits in the Limited Liability Company Law.

Facts and Procedural History

Pennington Property Co. LLC was the owner of a Manhattan apartment building. Plaintiffs, who own 25% of the membership interests in the LLC, bring this action "individually and in...

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