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Business Organizations Keyed to Macey
Gallagher v. Lambert
Citation:549 N.E.2d 136 (1989)
Gallagher was employed by defendant Eastdil Realty as a mortgage broker. In 1976, he returned to the company as a broker, officer and director, serving additionally as president and chief executive officer of defendant’s wholly owned subsidiary, Eastdil Advisors, Inc. On January 10, 1985, Gallagher was fired by Eastdil Realty. He did not contest the firing. But he demanded payment for his shares calculated on the post-January 31, 1985 buy-back formula. Eastdil refused and Gallagher sued, alleging breach of fiduciary duty of good faith and fair dealing.
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