Jim Wideikis
Shawn Staples and Jim Wideikis obtained a favorable outcome for their clients in a week-long federal jury trial in the Northern District of Indiana, Hammond Division. Jim and Shawn were retained as parachute counsel to try the case, after written and oral discovery had already formally closed. Jim and Shawn's predecessor counsel did not take the plaintiff's deposition, and Shawn and Jim were left at trial to cross examine her without any deposition transcript.
The lawsuit alleged that Jim and Shawn's clients terminated the plaintiff, another shareholder of the privately held corporation, for cause, and did so solely as a pretext to devalue her stock shares. The agreement at issue provided that if a shareholder was terminated for cause, that shareholder's stock shares would be worth 50% of the share's pre-determined or par value.
Shawn Staples
The plaintiff alleged that Jim and Shawn's clients breached the agreement by improperly firing the plaintiff for cause, and further alleged that Jim and Shawn's clients breached fiduciary duties of loyalty and care to the plaintiff in numerous ways.
Following the close of evidence, Jim and Shawn were able to direct the verdict on the breach of fiduciary duty claim, which carried the potential for punitive damages under Indiana law and was an intended line item of damages on the jury verdict form. As to the remaining count, the jury returned a verdict against Jim and Shawn's clients for $550,000, which represents a fraction of the plaintiff's last demand and significantly less than the federal magistrate recommended prior to trial.
