Member has standing to sue directors for breach
A member of an Illinois nonprofit corporation has standing to sue members of the board of directors for breach of fiduciary duty by establishing “an undisclosed side agreement among themselves” that he claims disenfranchises members by distorting their votes. But a federal District Court in Missouri has directed the member to show whether the amount in controversy exceeds the $75,000 minimum necessary to confer diversity jurisdiction on the court.
The full text of this article is available to paid subscribers only. Login or subscribe to read more