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Delaware Supreme Court Reaffirms MLPs Freedom to Contract Out of Fiduciary Duties

In the latest in a series of fiduciary duty cases challenging the contractual ''Special Approval'' process provided in the limited partnership agreements of master limited partnerships (MLPs), the Delaware Supreme Court recently affirmed that limited partnerships may eliminate fiduciary duties in their partnership agreements, with the exception of the implied contractual covenant of good faith and fair dealing, which may not be eliminated.

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