ContractsProf Blog

Editor: Myanna Dellinger
University of South Dakota School of Law

Wednesday, October 13, 2010

Fiduciary Duties in Closely Held Firms

1908RandallCountyCourthouseCanyonTexas907TJnsn The 1975 Massachusetts decision in Wilkes v. Springside Nursing Home is one of the staples of the Business Associations course.  Its holding -- that shareholders in closely held corporations owe each other fiduciary duties -- has been controversial from the start.  The rise of what Larry Ribstein calls the "uncorporation" (LLCs and such) has changed the face of fiduciary duty law drastically.  (Left: Springside Nursing Home today.)

So the Western New England College Law and Business Center is hosting a 35th birthday bash for the case this coming Friday at the Blake Law Center.  It's called Fiduciary Duties in the Closely Held Business 35 Years after Wilkes v. Springside Nursing Home.

The panelists look to be terrific:  Eric Gouvin (W. New England), Lyman Johnson (Washington & Lee), Mark Loewenstein (Colorado), Bob Thompson (Georgetown). Brian Quinn (Boston College), Dan Kleinberger (Wm. Mitchell), Benjamin Means (South Carolina), Doug Moll (Houston), René Reich-Graefe (W. New England), Deborah DeMott (Duke), Larry Ribstein (Illinois), and Mark Ramseyer (Harvard). A special treat will be the lawyers who represented the two sides in the case, the Hon. William Simons and David Martel. The lunch speaker is Justice Francis X. Spina of the Massachusetts Supreme Judicial Court.


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