Delaware Supreme Court Decision on Appeal of Invenergy Lawsuit Damages Award
On 2 May, 2019, the Delaware Supreme Court issued its opinion in Leaf Invenergy Company, LLC v. Invenergy Wind LLC, C.A. No. 308, 2018 (the “Invenergy Lawsuit”), reversing the Court of Chancery’s prior award of $1 in nominal damages to Leaf as a result of Invenergy Renewables LLC’s (formerly known as Invenergy Wind LLC) (“Invenergy”) breach of the parties’ limited liability company agreement.
The Supreme Court held that Leaf was entitled to damages in the full amount of its contractually defined Target Multiple and, therefore, remanded the matter back to the Court of Chancery to enter judgment consistent with its decision.
The forthcoming final judgement to be issued by the Court of Chancery upon remand will also factor in pre- and post-judgment interest, to the extent applicable, on the amount of the Target Multiple amount less amounts that were previously paid to Leaf.
