Leader v. Hycor, Inc.

The plaintiffs, former minority shareholders of the defendant corporation, appeal from a judgment entered against them after a trial before a judge of the Superior Court. Their suit challenged actions taken by the five majority shareholders, who also were named as defendants, which resulted in the forced redemption of all minority stock. On appeal, the plaintiffs argue that (1) the trial judge erred in ruling that the five majority shareholders, who also constituted the entire board of directors of Hycor, Inc., did not violate their fiduciary duty of loyalty to the minority shareholders when…