kaal:claim:3017612-020

Courts have recognized an enhanced fiduciary duty among participants in closely held corporations, holding that majority shareholders owe fiduciary duties not only to the corporation but to minority shareholders as a class.

Source quote, verbatim

The distinct needs of close corporations is also shown as courts have recognized an enhanced fiduciary duty among participants in closely held corporations.64 Courts have held that majority shareholders have a fiduciary duty not only to the corporation but also to minority shareholders as a class

From

Wulf A. Kaal, Shareholder Agreements - National Report of the United States of America (2017), III.1 Shareholders' Agreements on Shareholder Rights, p. 10
https://ssrn.com/abstract=3017612 · source PDF

Cite as

Wulf A. Kaal, Shareholder Agreements - National Report of the United States of America (2017). SSRN: https://ssrn.com/abstract=3017612

Holds when

closely held corporations
majority or controlling shareholders

Classification

empiricalsupport: evidencedcorporate-governance

Verify

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Attestation record: colloquium/attestations/531d107d5928e0f5...json
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