Comerica Bank properly dissolved a Delaware limited liability company it formed with credit card processor Global Payments Direct Inc., the Delaware Court of Chancery has ruled.
The court’s opinion in Comerica Bank v. Global Payments Direct, authored by Chancery Court Chancellor Andre G. Bouchard, concluded that because Comerica properly terminated the service agreement it had with Global, all of the bank’s exclusivity obligations under the agreement were also eliminated. The decision permits Comerica to refer merchants to its new credit card processing services and eliminates any contractual restrictions the bank may have had with Global to obtain processing services from entities other than Global.
