Corporations Keyed to Klein
Pedro v. Pedro
Facts
Respondent and Appellants were three brothers with equal ownership in The Pedro Companies. The brothers entered into a stock retirement agreement that allowed them to buy back shares of a deceased brother at 75% of net book value. Several years afterward, Respondent, after noticing a discrepancy of $330,000 in the accounting records, demanded an independent accountant to investigate. After the missing funds could not be located by two accountants who were frustrated in their investigation by Appellants, Appellants fired Respondent and took away all of his benefits. Respondent then brought this action, claiming Appellants breached their fiduciary duty owed to him, that he had a contract for lifetime employment and that he suffered numerous injuries resulting from the termination. Appellants responded that they did not breach a duty because the stock value did not diminish
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