Jensen v. Christensen & Lee Insurance, Inc.
Wisconsin Court of Appeals
460 N.W.2d 441 (1990)
- Written by Jenny Perry, JD
Facts
Dean Jensen (plaintiff) was a minority shareholder and director of Christensen & Lee Insurance, Inc. (the corporation) (defendant), a closely held corporation. Jensen was also employed by the corporation for 20 years and was its top salesperson. The corporation’s directors terminated Jensen’s employment and a month later voted to remove him as a director. Those terminations triggered the purchase of Jensen’s stock under a shareholders retirement agreement. Jensen filed suit against the corporation and the directors, alleging that the terminations were improperly motivated by a desire to initiate the buyout of Jensen’s stock before he reached the agreement’s mandatory retirement age, at which point his shares would have been more valuable. Jensen also alleged that the corporation’s accountant had a conflict of interest and had undervalued Jensen’s shares. The trial court dismissed Jensen’s breach-of-fiduciary-duty claim, and Jensen appealed.
Rule of Law
Issue
Holding and Reasoning (Brown, J.)
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