Rexford Rand Corporation v. Gregory Ancel

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• recognizing under Illinois law that a corporate fiduciary owes a duty of loyalty to the corporation
• noting that \minority shareholders owe a duty of loyalty to a close corporation in certain circumstances\
• “Minority shareholders have an obligation as de facto partners in a joint venture not to do damage to the corporate interests”
• when challenged, the amount in controversy must be supported by “competent proof,” which is “proof to a reasonable probability that jurisdiction exists.”
• \Minority shareholders have an obligation as de facto partners in a joint venture not to do damage to the corporate interests\
• “Where, as here, a defendant chal lenges the plaintiffs allegation of the amount in controversy, the plaintiff must support its assertion with ‘competent proof.’ ”

Source: CourtListener parenthetical corpus (CC0).