In an opinion dated June 24, 2008, the Illinois appellate court affirmed judgment on the pleadings in favor of the firmís clients in a declaratory judgment action. The clients were former investors in a limited partnership investment fund who had filed a declaratory judgment action seeking determination as to their liability for overpayments made to them by the fund. The liquidating trustee of the fund filed counterclaims seeking repayment of hundreds of thousands of dollars of past distributions. The appellate court affirmed the trial courtís ruling that the partnership agreement and the Delaware Revised Uniform Limited Partnership Act barred the trusteeís claims.
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