Working with family can have its ups and downs. Some family members may get along well, and a family-run business may operate smoothly. In other cases, siblings may believe that each is not being treated fairly, and it is not unusual for shareholder disputes involving family members to take place.
Texas residents may be interested in such a dispute that recently came to a verdict in another state. The situation reportedly involved a brother and sister who are both shareholders in their deceased father’s automobile dealership and real estate company. The brother is the majority shareholder and handles business operations. The sister filed a claim stating that her brother had been taking money from the family business and using it for his personal businesses. As a result, she sought $30 million in damages.
Recently, the court ruled in favor of the brother. His attorney argued that the transactions he made on behalf of the family business were legitimate, and though the sister argued that she was deprived of stock-related benefits, her stock equity is worth $3.8 million. It was also reported that $30 million would represent the net worth of the entire company. This was apparently not the first time the siblings had faced litigation with each other.
Shareholder disputes can arise for many reasons, and it often takes legal action to ensure that they are resolved properly. If Texas residents are having to contend with shareholder issues, they may want to review their legal options. Preserving the best interests of their companies are undoubtedly their main goals, and the right information could help them achieve those goals.