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Fla. Stat. § 605.0806

Voluntary dismissal or settlement; notice

Known as the Florida Revised Limited Liability Company Act

The act spans §§ 605–605 (191 sections).

History.--s. 2, ch. 2013-180.

(1) A derivative action on behalf of a limited liability company may not be voluntarily dismissed or settled without the court’s approval.

(2) If the court determines that a proposed voluntary dismissal or settlement will substantially affect the interest of the limited liability company’s members or a class, series, or voting group of members, the court shall direct that notice be given to the members affected. The court may determine which party or parties to the derivative action shall bear the expense of giving the notice.

Official source: Online Sunshine (Florida Legislature). Reproduced from public-domain Florida statutes; confirm against the official source for the current text. Not legal advice.