Posts tagged "0906417"

Turner v. Cheffers, et al. (Lawyers Weekly No. 09-064-17)

COMMONWEALTH OF MASSACHUSETTS

 

SUFFOLK, ss                                                                                             SUPERIOR COURT

CIVIL ACTION

  1. 2017-00210-BLS2

 

 

EDWARD S. TURNER,

individually and as a designee of

shareholders comprising more than

15% of issued and outstanding shares of

IVES Group, Inc., a Nevada Corporation

 

vs.

 

MARK L. CHEFFERS and

CHRISTINE M. RENDA

MEMORANDUM OF DECISION AND ORDER

 ON DEFENDANTS’ MOTION FOR PARTIAL SUMMARY JUDGMENT

ON COUNTS III, IV, AND V

Plaintiff Edward S. Turner, a minority shareholder of IVES Group, Inc. (IVES), brings this action individually and as designee of certain other minority shareholders against defendants Mark Cheffers and Christine Renda, both of whom are directors and shareholders of IVES.  IVES is a closely-held Nevada corporation.  Turner alleges that Cheffers and Renda engaged in transactions that diverted certain corporate assets and opportunities to themselves.  He further alleges that Cheffers removed him from the IVES Board of Directors and terminated his employment with IVES in retaliation for seeking information related to the value of his investment and his efforts to improve the company’s corporate governance procedures.  The defendants now seek summary judgment on Counts III, IV, and V of Turner’s Complaint, each of which is based on the alleged diversion of corporate assets and opportunities.  Specifically, defendants contend  that these claims are derivative under Nevada law, and that  the shareholders have since voted to terminate those claims.  For the reasons that follow, this Court concludes that the Motion must be  Allowed. read more

Posted by Stephen Sandberg - January 8, 2018 at 10:46 pm

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