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June 06, 2013

MSC to hear shareholder action case

The Michigan Supreme Court granted leave to appeal in Madugula v. Taub. The parties shall include among the issues to be briefed: (1) whether claims brought under MCL 450.1489 are equitable claims to be decided by a court of equity; (2) whether the provisions of a stockholders' agreement can create shareholder interests protected by MCL 450.1489; and (3) whether the plaintiff's interests as a shareholder were interfered with disproportionately by the actions of the defendant-appellant, where the plaintiff retained his corporate shares and his corporate directorship. The Court invited the Business Law Section of the State Bar of Michigan and the Michigan Chamber of Commerce to file briefs amicus curiae.

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