Breach of fiduciary duty


Joe and Sue Hill were involved in the operation of Joe's Hamburger Joint in Miami, State of Nowhere, from the day their parents opened it in 1928. By 1979, Joe, Sue and her husband Jim were running it. The business was a corporation with Joe and Sue each owning half of the stock. Joe died in 2001, leaving his stock in equal shares to his sons, Joe and Mike. Son Joe never worked there. Mike did occasional maintenance work until his father's death. Despite their lack of participation, the sons were paid more than $900 per week each. In 2000, Sue's son Lawrence, who had graduated with a degree in restaurant management, that he earned while working part-time at the restaurant, took over its management. When his cousins became threatening, he denied them access to the business and its books. Sue refused Gregg and Joe's offer of about $1.4 million for her stock in the restaurant, and they refused her offer of about $800,000 for theirs. They filed a suit against her, claiming, among other things, breach of fiduciary duty. Should the court order the aunt to buy out the nephews or the nephews to buy out the aunt, or neither? Why? 

Request for Solution File

Ask an Expert for Answer!!
Biology: Breach of fiduciary duty
Reference No:- TGS090579

Expected delivery within 24 Hours