Fike v. Ruger

This is an appeal from a decision of the Court of Chancery granting summary judgment in favor of the defendants in an accounting action arising out of a financially unsuccessful joint venture. We agree with the Court of Chancery’s determination that the plaintiffs’ claims are barred, as a matter of law, by the equitable doctrine of laches. Accordingly, we affirm.

I

Del-Chapel Associates is a joint venture formed in 1979 to purchase, hold and develop certain commercial real estate. In 1998, after years of losses, the joint venture agreed to sell the property. Seeking to participate in the…