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April 19, 2011

Callahan v. Gibson, Dunn & Crutcher (2011) 194 Cal.App.4th 557

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The Second District holds that actual injury sufficient to trigger the statute of limitations did not occur at the time a partnership agreement was drafted, but sixteen years later, when the dissolution provision of the agreement was triggered or when plaintiffs began to incur legal fees in response to a third party’s attempt to dissolve the partnership under the terms of that agreement.

Robert and Oliver Inge founded the Inge Realty Company.  In 1988, they retained Gibson, Dunn & Crutcher to advise them regarding restructuring the company to minimize income tax liabilities and implement a succession plan that would ensure that Inge Realty remained a family-run enterprise after they could no longer run the business.  Gibson, Dunn recommended a limited partnership and drafted the partnership agreement.

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