2017

LLC Member Seeks to Force Buyout Over Fiduciary Duty Breach

North America - United States | North America | United States - Indiana

The minority member of a limited liability corporation brought litigation against the majority members and the CEO who held majority control. Faegre Baker Daniels represented the minority member, seeking the extraordinary remedy of a forced buy-out of our client’s minority interest based on alleged breaches of fiduciary duty in the management of the LLC.

FaegreBD persuaded the Indiana Commercial Court that as a member of a closely held business with seats on its Board of Managers, the minority member was entitled to discovery of millions of pages of internal and personal documents as well as all communications between the CEO and outside counsel for the LLC. The LLC and CEO were unsuccessful in two attempts to overturn the trial court’s decision through interlocutory appeal.

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