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Current as of January 01, 2024 | Updated by FindLaw Staff
(a) Except as otherwise provided in subsection (b) of this section:
(1) Any proceeds or other benefits of a derivative action on behalf of a statutory trust, whether by judgment, compromise, or settlement belong to the trust and not to the plaintiff; and
(2) If the plaintiff receives any proceeds, the plaintiff shall immediately remit them to the trust.
(b) If a derivative action on behalf of a statutory trust is successful in whole or in part, the court may award the plaintiff reasonable attorneys' fees, costs, and other expenses from the recovery by the trust.
(c) A derivative action on behalf of a statutory trust shall not be voluntarily dismissed or settled without the court's approval.
Cite this article: FindLaw.com - District of Columbia Code Division V. Local Business Affairs § 29-1206.13. Proceeds and expenses. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-v-local-business-affairs/dc-code-sect-29-1206-13/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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