Blum v. Thompson

OPINION

JOHNSON, Judge

Three minority shareholders of a family-owned corporation,- Ward Family Inc., brought this lawsuit after the corporation leased its sole asset, 1,200 acres of real property, to a corporation owned by another family member, on terms that the plaintiff, shareholders believe are unfavorable to them and to Ward Family Inc. The district court entered summary judgment in favor of the defendants on the plaintiffs’ claims of breach of fiduciary duty and oppression of minority shareholders’ rights. We conclude that the district court erred in those rulings. But we also conclude…