Legal Question in Business Law in Michigan

fiduciary responsibility to shareholders

We have a officer who has gone behind our backs and set up his own company with others using our customer base,what kind of legal action is there or is this a situation where we have no cantrol?


Asked on 6/26/03, 11:42 am

2 Answers from Attorneys
Don Darnell Darnell & Lulgjuraj, P.C.

Re: fiduciary responsibility to shareholders

The unauthorized use of proprietory information is a civil case of conversion and a crime of theft. You could sue for an injunction and for damages.

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Answered on 6/26/03, 2:04 pm
Regina Mullen Legal Data Services, PLC

Re: fiduciary responsibility to shareholders

You have a few options, all of which you need to discuss as soon as possible with an attorney, because you cannot sit back and wait for him to damage your business and use your business assets. You neeed an immediate injunction to prevent his future use, an accounting of everything he has taken and had access to (internally), and you need to get any damage he has done to your business compensated, a well as anyone he has notified alerted to the problem through counsel.

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Answered on 6/26/03, 3:57 pm


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