Plank v. Cherneski

Summary

The court held that Maryland recognizes an independent cause of action for breach of fiduciary duty, but the available remedy depends on the fiduciary relationship, the alleged breach, and the remedies historically available under statute, common law, or contract. Managing members of a Maryland LLC owe common-law fiduciary duties to the LLC and its other members, although the court affirmed judgment for the managing member because the trial court found insufficient evidence of breach. The court also affirmed the interpretation and full enforcement of the Operating Agreement’s fee-shifting provision.