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Articles Posted in Closely Held Businesses

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If You Have a Business Agreement, Get It in Writing!

The issues faced by our clients, and particularly our business clients, are often complex both factually and legally. Our Palatine business lawyers recently discovered a case filed in Du Page county that illustrates how business legal issues can, and often do, dovetail with personal legal issues. Prignano v. Prignano demonstrates…

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Court Orders Managing Disputed Family Business Not Appealable as Injunctions, First District Rules

  Our Oak Brook, Ill. shareholder dispute attorneys and Chicago business law lawyers took note of a recent appeals court decision in a heavily disputed case involving a family business. In Santella v. Kolton and Food Groupie Inc., Nos. 1-08-1329, 08-1357 & 08-1847 consolidated (Ill. 1st July 31, 2009), Rick…

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Enforcing Noncompetition Agreements is Tricky Business

Any business owner should keep abreast of laws and court rulings that can affect the way they conduct their operation and interact with employees. The law constantly evolves, and that is why our lawyers are vigilant in tracking changes that affect our clients. Citadel Investment Group v Teza Technologies is…

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Fifth District Court of Appeal Declines to Compel Arbitration in Shareholder Derivative Claim

  Our Aurora, Ill. shareholder derivative claim lawyers were interested to see an appellate case that examined whether a limited liability corporation can be a party to a case brought under its own operating agreement. In Trover v. 419 OCR Inc. et al., No. 5-09-0145 (Ill. 5th, January 12, 2010),…

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Treasurer Cannot Commit Resources of Family Business Without Board Authorization, Court Finds

  As Illinois closely held business dispute attorneys, we read with interest an appellate decision in a dispute over the extent to which a company officer can act without the board’s approval. In Fritzsche v. LaPlante, No. 2-09-0329 (Ill. 2nd March 2010), the “rogue” officer was M. Christine Rock, the…

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Video By a Forensic Accountant and Certified Fraud Examiner Discussing Common Types of Business Fraud — Our Chicago Business Trial Attorneys Bring Suit to Recover Monies Lost by Businesses Due to Fraud and Breach of Fiduciary Duty

Below is a video by a forensic accountant and certified fraud examiner discussing common forms of fraud that cause losses to businesses. The video provides solutions to protecting your business from fraud. Lubin Austermuehle’s Chicago business trial lawyers have more than two and half decades of experience helping business clients…

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Partnership Agreements May Not Eliminate One Partner’s Fiduciary Duty to Others, First District Rules

  A trial court was correct to find a breach of fiduciary duty in a real estate partnership, the First District Court of Appeal ruled March 27. In 1515 North Wells LP v. 1513 North Wells LLC, No. 1-07-1881 (Ill. 1st. Dist. March 27, 2009), the appeals court also upheld…

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Fifth District Court of Appeal Overturns Damages Award in Trade Secrets Act Lawsuit

  A client list and information on clients’ computer networks do not qualify as trade secrets under the Illinois Trade Secrets Act, the Fifth District Court of Appeal decided April 13 in a business trade secrets lawsuit. In System Development Services v. Haarman, No. 04-CH-30 (Ill. 5th 2009), System Development…

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Company Must Have Trial on Whether It Breached Golden Parachute Contract With Termination of CEO, Appeals Court Rules

  In a breach of contract and Illinois Wage Payment Act case, the First District Court of Appeal has ruled that a company and its former executive must have a trial to determine whether it breached the executive’s employment contract. Covinsky v. Hannah Marine Corporation, No. 1-08-0695 (Ill. 1st. Feb.…

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Auto Dealership Entitled to New Trial Over Compensation Under Quantum Meruit, Seventh Circuit Decides

In a breach of implied contract lawsuit, a Wisconsin auto dealership must have a new trial because the original trial judge misconstrued Wisconsin law on quantum meruit and unjust enrichment, the Seventh U.S. Circuit Court of Appeals ruled. Lindquist Ford, Inc. v. Middleton Motors, Inc., Nos. 08-1067 & 08-1689 (7th…

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