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Remedies Keyed to Tabb, 8th
Weltzin v. Nail
Citation:
618 N.W.2d 293 (2000)Facts
The plaintiff shareholders of LaPorte City Cooperative Elevators filed a derivative lawsuit on behalf of the corporation against its former directors, officers, and loan officer. The shareholders alleged that former manager Michael Nail committed negligent breaches of fiduciary duties and made fraudulent misrepresentations. They also contended that several former directors and the company’s loan officer committed negligence in performing their duties, including failing to collect accounts receivable, failing to comply with credit policies, and failing to maintain awareness of the company’s financial situation. The shareholders sought both compensatory and punitive damages for these actions. Although the derivative suit is equitable in nature, the shareholders filed a demand for jury trial with their petition, arguing that several of their claims were legal in nature.
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