Successor had novel claim against fiduciary

Trial Notebook

By Steven P. Garmisa

Hoey & Farina

Posted December 10, 2020 11:29 AM

ABC Acquisition Co.’s breach-of-fiduciary-duty claim against James Trauscht — former president of Aetna Bearing Co., a business whose assets were acquired by ABC — presented a question of first impression under Illinois law about a officer’s obligations to a successor corporation.After ABC purchased substantially all of Aetna’s assets (including its intellectual property) and hired three of Aetna’s employees (including Donald Koziel), Trauscht formed AIP Products Corp., hired Koziel and started competing against ABC …

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