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Recent Blog Posts

Fraudulent Intent Not Always Necessary to Unwind an Improper Transaction

Creditors may use Illinois’ Uniform Fraudulent Transfer Act (IUFTA) to recover funds improperly shifted by a debtor to a third party. Although “fraud-in-fact” claims require proof that the debtor intended to defraud creditors, creditors may also pursue “fraud-in-law” or “constructive fraud” claims, which do not require evidence of intent. Gecker v. Estate of Flynn provides […]

Business Oppression Case Divides Family-Owned Construction Company

A major construction company with Illinois roots has demonstrated that serious “business oppression” conflicts can happen even in family-run businesses. As in many of these situations, allegations of fiduciary breaches and oppression of minority shareholders have triggered litigation and driven apart individuals who once enjoyed a close relationship. Payne & Dolan is a Wisconsin-based business […]

Chicago Police and Fire Pension Trustees Seek to Intercept Funds

For years, local governments in Illinois have had trouble balancing their budgets. Several struggling local governments have either failed to make public pension fund contributions, or paid far less than what they owe. The shortfall creates financial problems for the police and firefighter pension funds, and may threaten the livelihoods of retirees. Until recently, police […]

Employing the Confession of Judgment in Illinois

Confession-of-judgment clauses let creditors circumvent the normal judicial process and obtain a judgment. Promissory notes, guaranties and other contracts may include them.  By signing a contract containing such a clause, a debtor agrees to the judgment amount and forfeits his or her right to dispute the claim, without a trial or notice. The creditor can […]

When Should I Use an Out-of-Jurisdiction Lawyer?

Federalism presents numerous positive aspects. But if you’re an attorney who must reach across state lines to resolve a case, our federal system does not exactly roll out the welcome mat. If you’re not licensed to practice law in another state, you can seek temporary admission, i.e. pro hac vice, but the requirements are often […]

How Attorneys Collect Court Judgments Across State Lines

After fighting for years to win a judgment, many attorneys find themselves facing a second — and equally difficult — fight to collect the judgment. That difficulty increases when the judgment issues in one state, say California, but the defendant’s major assets reside in another state, such as Illinois. Here are the basic steps the […]

Unwinding Fraudulent “Estate Planning” Transfers

The lack of reasonably equivalent value in return for the transfer of an asset common indicates that a fraudulent transfer has occurred. However, estate planning commonly involves transfers of significant assets to trusts or to loved ones without reciving any value in return, other than the transferor’s satisfaction from sharing his/her life’s wealth with loved […]

Freeze-Out Tactics: The Reverse Stock Split

Freeze-Out Tactics: The Reverse Stock Split Majority shareholders use various time-tested methods to freeze out minority shareholders. One such these tactic is the reverse stock split. It works like this: The Board of Directors, acting within the company bylaws, votes to issue single shares of stock to replace some multiple outstanding shares, such as one-for-five […]

ESI Discovery Issues in Business Litigation

Electronically stored information (ESI) has revolutionized the business world. Unfortunately, the law has not entirely caught up. One vexing problem involving ESI occurs in litigation involving breaches of fiduciary duty and business oppression. Minority owners in corporations, LLCs and partnerships have limited statutory rights to view records, and as litigants, have the right of discovery. […]

Resetting the Statute of Limitations for Breach of Fiduciary Duty?

Generally speaking, a “fiduciary” relationship occurs where one person holds or manages assets for another’s benefit.  Typical fiduciaries include trustees, managers and corporate officers, all of whom owe “fiduciary duties” to act in the best interests of their principals. Under Illinois law, the beneficiary of a fiduciary duty has a limited time to sue a […]