June 12, A derivative lawsuit initiated by a shareholder on behalf of the corporation because those in control of the corporation failed to assert a claim. It essentially allows shareholders to force the corporation to sue those that are liable to the corporation. Some examples of direct suits involve contract rights related to shares, rights related to the recovery of dividends, and rights to review the records of the corporation. When a Minnesota court is determining if a claim is either direct or derivative, the main focus is on whether the injury asserted was either to the shareholder directly or the corporation. The Minnesota Supreme Court has highlighted that if any funds sought to be recovered belong to the corporation, the action must be considered derivative,.
Derivative Claims. No Shareholder shall have the right to bring or maintain any court action, proceeding or claim on behalf of the Trust or any Series without first making demand on the Trustees requesting the Trustees to bring or maintain such action, proceeding or claim. Such demand shall be excused only when the plaintiff makes a specific showing that irreparable injury to the Trust or Series would otherwise result.
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