- Ag Docket
(defendants appeal trial court judgments against them in favor of plaintiff sister for $264,951 and plaintiff brothers for combined total of $895,786 after bench trial of siblings’ claims that defendants engaged in breach of fiduciary duty and self-dealing in capacity as officers and directors of family farm corporation; defendants argued on appeal that action against them barred in part by statute of repose and completely by statute of limitations; inequitable conduct of plaintiffs barred their recovery, and trial court erroneously placed burden of proof on defendants; appellate court concluded plaintiffs lacked standing as individual shareholders to bring derivative claims against corporation; appellate court vacated judgments and remanded with directions to dismiss).
CALT does not provide legal advice. Any information provided on this website is not intended to be a substitute for legal services from a competent professional. CALT's work is supported by fee-based seminars and generous private gifts. Any opinions, findings, conclusions or recommendations expressed in the material contained on this website do not necessarily reflect the views of Iowa State University.