Bane v. Ferguson
Seventh Circuit Court of Appeals
890 F.2d 11 (1989)
Relevant factsFree
Bane (plaintiff), a retired partner in an Illinois law firm, collected retirement benefits under a plan providing those benefits would end if the firm dissolved without a successor entity. After the firm merged with another and then dissolved without a successor, Bane's benefits stopped, and he sued the firm's managing council (defendants), alleging their negligent management caused the dissolution and merger. The district court dismissed the complaint.
IssueFree
Whether a retired law partner has a common-law or statutory claim against his former firm's managing council for negligent management that led to the firm's dissolution.