Friday, October 12, 2012

Shlensky v. Wrigley case brief

 Shlensky v. Wrigley (Ill. App. 1968)
  • Plaintiff was minority stockholder of a corporation that owns and runs the Chicago Cubs. Defendants were directors of the corporation, including the president Philip K. Wrigley.
  • Plaintiff argued that directors violated their duty to the corporation by not installing lights and scheduling night games to boost attendance and revenues.
  • The court held that the directors were entitled to business judgment rule protection.
    • “The judgment of the directors of corporations enjoys the benefit of the presumption that it was formed in good faith and was designed to further the best interests of the corporation they serve.”
  • The court held that the directors must be permitted to control the business of the corporation in their discretion unless their decisions are tainted by “fraud, illegality or conflict of interest”.

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