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
Source Url: https://www.jdsupra.com/legalnews/illinois-first-district-rejects-veil-42808/
Related
What rights do employees of tenants or other occupants of office buildings have to bring service ani...
Read More >
Risk factor trends - Although the UK's merger control regime is voluntary, so merging parties can ...
Read More >
When fee disclosure regulations were implemented, there were a few industry chicken littles that sug...
Read More >
In Revenue Ruling 2019-19, the IRS answered three basic questions about the consequences of an indiv...
Read More >
Assembly Bill 5 became effective on January 1, 2020. The law purports to prevent the misclassificati...
Read More >
In Seyfarth’s fourth installment in its 2019 Trade Secrets Webinar Series, Seyfarth attorneys Krist...
Read More >