New Jersey Statutes 42:2C-72. Proceeds and expenses
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Terms Used In New Jersey Statutes 42:2C-72
- Plaintiff: The person who files the complaint in a civil lawsuit.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
72. Proceeds and Expenses.
a. Except as otherwise provided in subsection b. of this section:
(1) any proceeds or other benefits of a derivative action under section 68 of this act, whether by judgment, compromise, or settlement, belong to the limited liability company and not to the plaintiff; and
(2) if the plaintiff receives any proceeds, the plaintiff shall remit them immediately to the company.
b. If a derivative action under section 68 of this act is successful in whole or in part, the court may award the plaintiff reasonable expenses, including reasonable attorney’s fees and costs, from the recovery of the limited liability company.
L.2012, c.50, s.72.