Trepanier MacGillis Battina P.A. regularly represents corporations and individual shareholders in disputesand litigation involving the rights of shareholders in corporations and limited liability companies. TMB supports individuals and corporations by assessing claims, mapping out appropriate litigation strategies, and representing its clients in court.
Under Minnesota law, minority shareholders have legal recourse if shareholders holding majority control take oppressive action against them. Examples of potential minority shareholder oppression include:
- being denied access to corporate and financial records
- having responsibilities unjustly stripped away
- being excluded from important corporate decisions
- being “squeezed out” or “freezed out” of the corporation
- refusal by a majority shareholder to declare profit distributions in order to force the minority shareholder to sell shares at a reduced price
- the termination of a shareholder’s employment without cause
- any other actions involving dishonesty, misrepresentation, or fraud
- breach of a shareholder control agreement, buy-sell agreement, or member control agreement
TMB regularly represents minority shareholders experiencing oppressive conduct at the hands of the majority shareholders, or from the corporation itself. If a minority shareholder can demonstrate oppressive conduct, the shareholder can sue for a court-ordered buy-out at “fair value” and for the recovery of attorney’s fees and court costs.
In addition to representing individual shareholders, TMB’s Minnesota business law attorneys represent businesses contending with shareholder or partnership disputes. TMB can represent a corporation’s interests by:
- advising corporations regarding rights and remedies under buy-sell and employment agreements
- providing legal representation to the corporation in shareholder litigation
- negotiating with business partners over the “winding down” of the business
- providing representation to individual defendants when corporate legal counsel is unable to represent all defendants due to potential conflicts of interest
- establishing committees under Minnesota statute to address shareholder complaints and minimize the likelihood of litigation involving shareholders
Contact TMB for assistance evaluating or resolving your shareholder dispute.