Contact an attorney in this area
JUX Law Firm
901 Marquette Ave. Suite 1675
Minneapolis, MN 55402
Our attorneys are experienced in Minnesota corporate shareholder litigation including shareholders’ rights, breach of fiduciary duties, minority shareholder oppression, wrongful termination of a shareholder, fraud, dividend rights, self-dealing, and shareholder derivative suits.
Minnesota Shareholders Rights Attorney
If you have been promised dividends, voting rights, positions in the business, or other shareholder rights and have not received them, or have been the victim of other shareholder violations, you may be entitled to compensation under Minnesota law. Our attorneys can analyze your situation and explain your rights as a shareholder in a Minnesota corporation.
If you are a shareholder in a Minnesota corporation (not a publicly traded corporation), then you may have a number of shareholder rights:
- Right to Approve Gifts
- Right to Be Treated in Accordance with Your Reasonable Expectations
- Right to Employment
- Right to Honesty from Other Shareholders
- Right to Inspection (Access Company Information)
- Right to Loyalty of Other Shareholders
- Right to Oppose Self-Dealing by Other Shareholders
- Right to Share In Dividends
- Appraisal Rights
- Preemptive Rights to Buy Stocks (Right of First Refusal)
Sometimes, the majority shareholders or controlling shareholders oppress the minority shareholders. Fortunately, minority shareholders have a number of rights and legal protections under Minnesota corporations statutes. Minnesota corporate law has strong protections for minority shareholders.
Shareholder’s Derivative Suits
When the corporate officers, directors, or controlling shareholders of a corporation have misused the corporations funds—including for their own personal purposes—the remaining shareholders are provided the right to bring a shareholder’s derivative suit under Minnesota law. In a shareholder derivative action, the oppressed minority shareholders sue the controlling shareholders on behalf of the corporation for the harm/injury to the corporation.
After minority shareholders initiate a shareholder’s derivative suit, Minnesota law gives the corporation certain defenses including creating an independent Special Litigation Committee to examine the validity of the minority shareholders’ derivative claims. Shareholder’s derivative suits are complex, but a attorney experienced in Minnesota shareholder’s derivative actions can help oppressed shareholders or corporations fight these battles over control of the corporation and its funds.