1. (a) Except as otherwise provided in subsection (b) of this section:

   1. (1) Any proceeds or other benefits of a derivative action on behalf of a statutory trust, whether by judgment, compromise, or settlement belong to the trust and not to the plaintiff; and
   2. (2) If the plaintiff receives any proceeds, the plaintiff shall immediately remit them to the trust.
2. (b) If a derivative action on behalf of a statutory trust is successful in whole or in part, the court may award the plaintiff reasonable attorneys’ fees, costs, and other expenses from the recovery by the trust.
3. (c) A derivative action on behalf of a statutory trust shall not be voluntarily dismissed or settled without the court’s approval.

History

Mar. 5, 2013, D.C. Law 19-210, § 2(l)(7)(G), 59 DCR 13171

Editor's Notes

Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012.