Choosing the best attorneys for a corporate oppression matter in Illinois involves considering several factors. Look for a legal team with extensive experience in corporate law and specifically in handling shareholder disputes and oppression cases. They should have a strong track record of successfully advocating for minority shareholders’ rights. Also, consider firms that offer personalized attention to understand the unique aspects of your situation and provide tailored legal strategies. It’s important to choose attorneys who are adept in both negotiation and litigation, as resolving these disputes can require a flexible approach. Firms like Lubin Austermuehle, known for their experience in business litigation, including shareholder and LLC member disputes, is a good choice.
In order to support a corporate oppression case in Illinois, a plaintiff does not need to prove illegal or fraudulent acts, mismanagement, misapplication of assets, or imminent disaster. It is also unnecessary to demonstrate the termination of a minority shareholder’s employment with the corporation or a loss. Instead, an oppressed shareholder can show oppression by demonstrating an “arbitrary, overbearing and heavy-handed course of conduct”.
Pursuant to the Illinois Business Corporation Act, a minority oppressed shareholder can seek court intervention to force the majority to buy his or her shares at fair market value. To pursue this, the plaintiff must plead and prove that he or she was a shareholder in a non-publicly traded Illinois corporation, and that the individuals in control of the corporation “have acted, are acting, or will act in a manner that is illegal, oppressive, or fraudulent with respect to the petitioning shareholder”.
Bear in mind that oppression can be context-dependent, meaning actions that might not be oppressive under one set of circumstances could be oppressive under others [4]. Also, an oppression claim can be filed at any time while the oppressive conduct is ongoing.
Although not directly relevant to a corporate oppression claim, it’s worth noting that the Illinois Consumer Fraud and Deceptive Business Practices Act (ICFA) provides possible grounds for a suit if a corporation can show that it meets the statutory definition of a consumer or meets the consumer nexus test. Furthermore, under ICFA, a practice is considered “unfair” if it offends public policy, is immoral, unethical, oppressive, or unscrupulous, or causes substantial injury to consumers. While these points do not directly address corporate oppression, they may provide additional avenues of legal action depending on the specific facts of the case.
Lubin Austermuehle has significant experience in representing clients in corporate oppression cases due to their deep understanding of business litigation, including shareholder and LLC member disputes. Their team is skilled in handling complex legal issues that arise in closely held companies, making them well-equipped to address the challenges of corporate oppression. Their expertise extends to both negotiating settlements and litigating disputes, ensuring clients receive comprehensive legal support tailored to their specific needs. This background positions them effectively to represent clients in corporate oppression matters.
Contact one of our Chicago Area corporate oppression attorneys for a free consultation at 630-333-0333 or online.