David F. Johnson presented “Breach of Fiduciary Duty Claims Against Trustees/Managers of Closely-Held Businesses” with Kenneth J. Fair of Wright Close & Barger, LLP, on July 22, 2021, for Strafford Webinars to a national audience. This presentation covered various issues involved in a trustee owning an interest in a closely-held business when disputes arise. The presentation discussed why a trust may own an interest in a closely-held business, the fiduciary duties of a trustee, the fiduciary duties of an officer/director and the business judgment rule, the conflicting standards that may apply when a person is both a trustee and an officer/director, how to resolve those conflicting duties, the payment of litigation expenses when suits arise in this area, and issues involving the attorney/client relationship and the attorney/client privilege.
Please see full Presentation below for more information.