Mark V. Purpura

Director

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Overview

Mark Purpura enjoys a diverse commercial practice, focusing on complex transactions as well as banking and trust matters.

“Really smart and incredibly hard-working” (Chambers USA), Mark has six times been chosen as the Top Vote-Getter in Banking Law and twice as the Top Vote Getter in Financial Law by Delaware Today magazine, which included a profile of him in its 2018 Top Lawyers edition.

Mark has more than 20 years of experience counseling clients in transactional matters relating to Delaware limited liability companies, limited partnerships, general partnerships, and statutory and common law trusts. He works on a broad range of transactions, including mergers and acquisitions, IPOs, entity formation (including private equity firm and investment fund formation), governance matters, dissolution matters, joint ventures, master limited partnerships (including representation of conflicts committees), and many different types of complex financing transactions.

Mark also advises directors and managers of limited liability companies, partners of partnerships, and trustees of trusts on their fiduciary duties. He regularly renders legal opinions on matters of Delaware law in connection with these Delaware entities’ complex transactions.

Mark’s banking practice involves representing Delaware banks, trust companies, and other nondepository financial institutions in a wide range of transactional matters, including formation, governance, dissolution, mergers and acquisitions, and other commercial transactions. He also handles the development of lending and other consumer finance programs, personal and corporate trust matters, and federal and state regulatory matters, including representing clients before Delaware state and federal regulatory authorities.

PRACTICES

Banking
Limited Liability Company & Partnership Advisory
Structured Finance
Special Committees & Investigations
Trusts & Estates

Select Experience

Delaware counsel to The Carlyle Group L.P., The Blackstone Group L.P., and KKR & Co. L.P. in connection with their initial public offerings and subsequent conversions to corporations

Education

University of North Carolina School of Law, J.D., with honors, 1998
North Carolina Banking Institute, Journal of International Law and Commercial Regulation
Millard S. Breckenridge Award in Taxation
University of Southern California, Marshall School of Business, B.S., magna cum laude, Business Administration, Financial Analysis, 1995

Publications

Avoid Creating Fiduciary Duties When Eliminating Liability

Delaware Business Court Insider | July 25, 2012

Members of a limited liability company often take advantage of the contractual flexibility afforded by the LLC Act to modify fiduciary duties and liabilities. However, eliminating fiduciary duties and, at the same time, limiting the liability of a person for breaches of fiduciary duty can lead to difficult interpretive questions.

Eliminating Fiduciary Duties and the Status of the Implied Contractual Covenant of Good Faith and Fair Dealing

Delaware Business Court Insider | February 22, 2012

Section 17-1101(d) of the Delaware Revised Uniform Limited Partnership Act provides that a partnership agreement may expand, restrict or eliminate the fiduciary duties owed by a partner or other person to the limited partnership, a partner or any other person that is a party to or is otherwise bound by such partnership agreement, provided that the implied contractual covenant of good faith and fair dealing may not be eliminated.

A Step Toward Equality in Estate Planning

Delaware Banker | Summer 2011

Delaware Adds to its Jurisdictional Advantages for Asset Protection and Estate Planning Opportunities for Same-Sex Couples.

Think Carefully Before Amending LLC and Partnership Agreements: Understanding NextMedia

Delaware Business Court Insider | July 27, 2011

Under the Delaware Limited Liability Company Act and the Delaware Revised Uniform Limited Partnership Act, if a limited liability company agreement or a limited partnership agreement “provides for the manner in which it may be amended … it may be amended only in that manner or as otherwise permitted by law.”

Proposed Financial Institution Regulatory Reforms

Delaware Banker | Summer, 2009

In response to the current economic crisis and near failure of the financial system, President Barack Obama and the members of his administration have proposed sweeping regulatory reforms of the financial services industry.

Leadership

American Bar Association, Banking Law Committee
Delaware State Bar Association, Banking Law Committee, Chair
U.S. Commission on Civil Rights, Delaware Advisory Committee
Delaware State Bar Association, Estates and Trusts Section, Trust Act Committee
Equality Delaware, Inc., Board of Directors
Equality Delaware Foundation, Board of Directors and President

Recognition

Chambers USA
The Best Lawyers in America, since 2014; Wilmington, DE Banking and Finance Law Lawyer of the Year, 2023; Business Organizations (including LLCs and Partnerships) Lawyer of the Year, 2024, 2020
Order of the First State (Delaware’s highest honor for meritorious service), 2016
The Advocate, LGBTQ+ Champion of Pride, 2022
Delaware National Guard, Distinguished Service Medal, 2014
Delaware State Bar Association, President’s Award in recognition of advocacy for justice and equality for all Delawareans, 2012
National LGBT Bar Association, Best LGBT Lawyers Under 40, 2011
Delaware Today Top Lawyer, Top Vote Getter, Banking Law, 2024, 2023, 2022, 2021, 2019, 2018, 2017, 2016, 2014
Super Lawyers

Bar Admissions

Delaware
United States Supreme Court

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