Section 15910.05 - Proceeds of derivative action; award of reasonable expenses(a) Except as otherwise provided in subdivision (b): (1) any proceeds or other benefits of a derivative action, whether by judgment, compromise, or settlement, belong to the limited partnership and not to the derivative plaintiff; (2) if the derivative plaintiff receives any of those 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 court may award the plaintiff reasonable expenses, including reasonable attorney's fees, from the recovery of the limited partnership.Ca. Corp. Code § 15910.05
Added by Stats 2006 ch 495 (AB 339),s 20, eff. 1/1/2008.