Corporate fiduciary duty matters arise in everyday business contexts. The most common of these breach of fiduciary duty claims our Chicago business litigation attorneys handle include:
Corporate officers, corporate directors, and controlling shareholders generally owe some sort of fiduciary duty to the corporation and, through the corporation, to the shareholders. The corporate fiduciary duty of a corporate officer and corporate director can be subdivided into two primary corporate duties: duty of care and duty of loyalty. Corporate directors and corporate officers are required by statute, jurisprudence and sometimes by contract to perform their duties in good faith, with the care of an ordinarily prudent person in a like position and in a manner that they he or she believes to be in the best interest of the corporation. However, it should be noted that corporate officers and corporate directors are generally not responsible for mere bad business judgement under the business judgement rule.