- Turner Padget Client Thwarts Inequitable Attempts of Minority Shareholder To Protect His Self-Dealing
- Favorable Settlement for Local Business Reached After Three Days of Trial in US District Court for the District of South Carolina
- Turner Padget Lawyer Helps Obtain Favorable Opinion for Defense Bar
- Protecting a Manufacturer Against a Potential Class Action
- Turner Padget Awarded Summary Judgment for Restaurant Chain
- Successfully represented a developer of a construction and demolition debris landfill in the South Carolina Administrative Law Court
- Turner Padget's Financial Services Industry Group received a defense verdict in a Three-Day Trial
- Plaintiff's Claim for Defamation was Eliminated at Trial on Our Motion for Directed Verdict
- Reaching a Favorable Settlement in a Multi-Party Construction Defects Case
Turner Padget Client Thwarts Inequitable Attempts of Minority Shareholder To Protect His Self-Dealing
In a recent two-day Circuit Court trial, Turner Padget attorney Jeff Payne successfully defended the passive majority shareholder of a closely held corporation against an attempt by an active minority shareholder to obtain additional shares in the corporation.The attempt was an effort by the minority shareholder to protect jobs and benefits provided to himself and his family by the corporation. The minority shareholder also sought to protect a competing business operating with corporate assets – that business was discovered during the discovery phase of the lawsuit. The minority shareholder had created these perks through his position as the day-to-day manager of the business. The attempt to secure additional shares was also based upon this management service.
At the trial’s conclusion, the court determined that the minority shareholder had breached his fiduciary duties and had “unclean hands.” Thus, the court denied the equitable injunction sought by the minority shareholder and also refused to issue the requested corporate shares to that minority shareholder.