William Lynch Schaller, ‘When Half Right Is All Wrong: Illinois Abolishes the Corporate Opportunity Doctrine’

INTRODUCTION
It is not every day the Illinois Supreme Court overturns longstanding law in any field, much less a field of central importance like agency law. It is even rarer for the court to do so without saying so. Yet that’s exactly what the Illinois Supreme Court did in Indeck Energy Services, Inc v DePodesta, a four-to-three opinion holding that lack of ‘proximate cause’ bars relief when a corporate fiduciary begins his opportunity usurpation before quitting but completes it after. If this decision stands, any faithless fiduciary with the slightest sense will delay closing the diverted deal until a day after he quits and then invoke Indeck as a complete bar to meaningful relief …

William Lynch Schaller, When Half Right Is All Wrong: Illinois Abolishes the Corporate Opportunity Doctrine 2021 Universty of Illinois Law Review Online 245 (August 19, 2021).

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