Minority shareholders may owe fiduciary duties and steps that shareholders can take to eliminate any fiduciary duties they might owe. New York, Michigan, Massachusetts, and Washington, D.C., minority shareholders of corporations owe fiduciary duties as shareholders.
Case law involving limited liability companies (LLCs) is rapidly evolving. Some states, most notably Delaware, permit LLCs to limit or eliminate liability for breaches of fiduciary duty.
In McEndree v. Volke, a beneficiary sued a trustee for breaching fiduciary duties. Though the trust was created in 1997, the beneficiary was not aware of it until 2016, and the beneficiary filed a motion for summary judgment based on deemed admissions and on the affidavit.
This newsletter is intended to keep readers informed about developments in probate and fiduciary litigation in Massachusetts and New York. Cases discussed include: Sacks v. Dissinger, Werther v. Werther and the Matter of the Colecchia Family Irrevocable Trust.