Category Archives: Commercial Litgation
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 […]
Injunctive Relief for Anticipatory Breach of Contract in the Wrigley Rooftops Lawsuit
Most contract litigation occurs after a breach, when the harm has already occurred. In such cases, the remedy can include monetary damages for losses and equitable relief to prevent future losses. However, a party who anticipates the other party to breach their agreement may file a pre-emptive lawsuit to seek a court order to prevent […]
When Should Commercial Litigation Go to Federal Court?
Commercial litigants need a litigation strategy before filing suit. Part of that strategy involves targeting the proper court to hear your claim. Often referred to as “forum selection,” this aspect of litigation requires examination of the pros and cons of state versus federal court, evaluating which court gives you the greatest advantage (or the least […]
Business Litigation FAQs
Q. What is “business litigation”? We use the broad term “business litigation” to describe any litigation for control of a privately-owned company. Other terms we frequently see are “freeze-outs,” “squeeze-outs,” “business divorces,” “oppression” and “breach of fiduciary duty.” Q. What usually causes “business litigation”? Greed, dishonesty and ego. Business litigation cases often arises when one […]
What 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 […]
Commercial Litigation FAQs
Q. What is a “commercial litigation”? Generally speaking, we use the broad term “commercial litigation” to describe any litigation involving trade and commerce. It can encompass contract disputes, UCC lawsuits, commercial lease litigation, commission lawsuits, business fraud cases, and much, much more. Q. How do I prove a breach of contract? Under Illinois […]
Fraudulent Transfers in Illinois
Q. What is Illinois’ Uniform Fraudulent Transfer Act (“IUFTA”)? The IUFTA is a statute designed to combat fraudulent transfers by debtors that impair the rights of creditors. It can be found at 740 ILCS 160/1 et. seq. Illinois is one of more than 40 American jurisdictions with a version of this statute. Q. What is […]
Confession Judgments
Q. What is a “confession-of-judgment clause”? A “confession-of-judgment clause,” also called a “cognovit,” is a contract provision that lets a creditor appoint a lawyer for the debtor, who agrees to let the creditor take a judgment against the debtor. It usually reads something like this clause (taken from a promissory note): Borrower hereby irrevocably authorizes and […]
