Challenges Mount to DOL Fiduciary Duty Rule
The U.S. Department of Labor has proposed a new fiduciary duty rule that would require the financial services industry to comply with rigorous “transparency standards” by April 2017. As of June 27, 2016, there are at least five lawsuits challenging the rule. Three were filed in the US District Court for the Northern District of […]
Written Agreements Reflect Reasonable Expectations of Shareholders
Minnesota common-law and the Minnesota Business Corporations Act (“MBCA”) create certain fiduciary duties owed by the majority shareholders of a corporation to the corporation’s minority shareholders. In McKee v. St. Paul Eye Clinic, P.A., No. 62-CV-12-8028 (Minn. Ct. App. Apr. 20, 2015), the Minnesota Court of Appeals affirmed the decision of the Ramsey County District […]