What Is the Corporate Opportunity Doctrine Under Illinois Law?
When a Business Deal Belongs to the Company, Not the Insider Key Takeaways: The corporate opportunity doctrine under Illinois law applies the fiduciary duty of loyalty to bar officers, directors, and controlling shareholders from personally taking business opportunities belonging to the corporation. Illinois courts primarily apply the line-of-business test, which requires a fiduciary to disclose […]
Shareholder Derivative Litigation – UnitedHealth Faces Wave of Shareholder Derivative Lawsuits: What It Means for Corporate Boards and Investors
UnitedHealth Group is under fire—not just from regulators, but now also from its shareholders. UnitedHealth Group is facing another round of shareholder lawsuits citing the alleged Medicare fraud investigation reported by The Wall Street Journal in May. Steve Silverman, a UHG shareholder since 2003, filed a second shareholder derivative lawsuit last week in U.S. District […]