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
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