New York Court Allows Enforcement of Under-Market-Value Buy-Sell and Approves At-Will Termination of Shareholder-Employees

BVLaw
Court Case Digests
June 29, 2023
9222 Legal Counsel and Prosecution
922130 Legal Counsel and Prosecution
buy/sell agreement, shareholder dissent/oppression
breach of fiduciary duty, liquidation, minority shareholder, shareholder agreement, accounting, employment agreement, dissolution, fiduciary duty, shareholders

Laurilliard v. McNamee Lochner, P.C.
2023 N.Y. Misc. LEXIS 3296; 2023 NY Slip Op 50671(U)
US
State Court
New York
Supreme Court
Richard Platkin

Summary

The plaintiffs, minority shareholder employees in a law firm, brought suit against their firm for breaching their employment contracts. The court determined that the plaintiffs were at-will employees and that there was no breach of their agreements when they were terminated. The court also determined that the under-market-value payment under their repurchase agreements was allowable since they were at-will employees.

See Also

Laurilliard v. McNamee Lochner, P.C.

The plaintiffs, minority shareholder employees in a law firm, brought suit against their firm for breaching their employment contracts. The court determined that the plaintiffs were at-will employees and that there was no breach of their agreements when they were terminated. The court also determined that the under-market-value payment under their repurchase agreements was allowable since they were at-will employees.

This article also appears in:
Business Valuation UpdateVol. 29 No. 9