Joe Anthony and Steve Phillips successfully defended the majority owner of a Delaware limited liability company against claims brought by a minority shareholder for alleged breach of fiduciary duty.
A minority member of the company sued Anthony Ostlund’s client claiming he breached fiduciary duties owed to the other members in connection with the sale of real estate which was the sole operating asset of the company. The plaintiff also alleged that Anthony Ostlund’s client engaged in self-dealing in connection with distributions made after the sale. The parties agreed to arbitrate the case. Following a week-long arbitration hearing, which included expert valuation testimony, the Arbitrator (a retired district court judge) decided in Anthony Ostlund’s client’s favor, denying all claims and dismissing the case.