Anderson v. Wilder
Court of Appeals of Tennessee
2003 WL 22768666 (2003)
Relevant factsFree
Majority members (defendants) of FuturePoint expelled minority members (plaintiffs) under the operating agreement, bought their units at $150, and resold them to a third party at $250, allegedly because some expelled members refused to support the majority's expulsion-and-resale plan; after expulsion, the management committee made cash distributions to remaining members, and the trial court granted the majority members summary judgment.
IssueFree
Whether majority shareholders in a member-managed, closely-held limited liability company owe fiduciary duties to the minority shareholders.