By Thomas J. Kanyock | Published February 29, 2020 | Posted in Commercial Litgation | Tagged Tags: agents, breach of contract, Breach of Fiduciary Duty, financial adviser, tortious interference | Comments Off on Fired Agent Files Suit in Illinois Against Baseball Star’s Financial Adviser
Fired Agent Files Suit in Illinois Against Baseball Star’s Financial Adviser
J.D. Martinez of the Boston Red Sox is a Major League Baseball All-Star who earned more than $23 million during the 2019 season. Sports agents battle fiercely to represent players with that level of stature and salary. However, a prominent Chicago agent claims that a third-party financial adviser led Martinez to terminate his contract prematurely. Read More
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Court Bars Business Oppression Even Though Shareholders Were in Litigation
Business oppression occurs when the shareholder majority exercises its voting power to abuse the ownership rights of the minority. A lawsuit alleging such abuse is a disruptive event that forever changes the relationship among shareholders. However, it does not end the parties’ fiduciary responsibilities to the company, or to others with a stake in the Read More
Read MoreFreeze-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 Read More
Read MoreResetting 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 Read More
Read MoreWhat You Need to Know About Condominium Law
Q. What is a “condominium”? Oddly, Illinois’ Condominium Property Act (the “CPA”) does not actually define the term “condominium.” We think of it as ownership of the air space within a certain defined unit in a “condominium property,” along with an undivided fractional interest in the common elements of that same “condominium property.” While most people think Read More
Read MoreJanousek v. Slotky, 2012 Il App (1st) 113432
Janousek v. Slotky, 2012 Il App (1st) 113432. The 6/7/16 original judgment order denied our client’s direct claims, but entered a $203mm+ derivative judgment in favor of BIG. Read More The July 18, 2016 order granting the defendants’ first motion to reconsider reduced the derivative judgment in favor of BIG to $8.4mm+. Read More The November 29, Read More
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