08Sep
Illinois First District Rejects Veil Piercing Theory for Fiduciary Duties, reaffirms that only Managers, not Employees or Shareholders, have Fiduciary Duty to “manager-managed” LLC
Oliver v. Isenberg, 2019 IL App (1st) 181551-U, arose from a lawsuit among members of a once-prosperous entity known as the Combined Group, LLC (“Combined” or “the company”) over the hostile breakup of the company. The circuit court held after a bench trial that Mark Oliver, a shareholder and employee of Combined, had a fiduciary duty to the company as “manager” because he was also an officer and primary shareholder of the company’s managing member, the Combined Holding Group, Inc. (CHG)......
By:
Novack and Macey LLP
Related
The Federal Trade Commission (FTC) announced a new temporary suspension of grants of early terminati...
Read More >
It’s hard work keeping up with all nine of California’s state and municipal Paid Sick Leave Laws. ...
Read More >
New York’s Farm Laborers Fair Labor Practices Act went into effect on January 1, 2020, drastically ...
Read More >
The Setting Every Community Up For Retirement Enhancement (“SECURE”) Act, which was enacted into l...
Read More >
As a follow up to its Notice of Proposed Rulemaking issued in April 2019, the US Department of Labor...
Read More >
Scotch Jedi: American Whiskey Isn’t Going Down Smooth - Global whiskey association suit is inspired...
Read More >