Tufo v. Tufo

Illinois Appellate Court
Civil Court
Discovery
Citation
Case Number: 
2021 IL App (1st) 192521
Decision Date: 
Wednesday, March 24, 2021
District: 
1st Dist.
Division/County: 
Cook Co., 3d Div.
Holding: 
Affirmed.
Justice: 
BURKE

Court found that Defendant breached his fiduciary duty to corporation as a shareholder by usurping corporate opportunities and by using the corporate line of credit for his personal profit. Court found that Plaintiff did not have standing to bring a derivative action on behalf or corporation because Plaintiff knew about Defendant's wrongful conduct prior to becoming a shareholder and because of Plaintiff's personal animosity toward Defendant. Plaintiff failed to present specific evidence of damages. Party seeking damages in action for breach of fiduciary duty must supply a reasonable basis for computation of damages. Plaintiff failed to reconcile all transactions, documents, loans, and payments and to quantify his damages using additional evidence. Court did not err in finding that Plaintiff was not entitled to an equitable accounting, as this would have provided no more information than that which was already contained in documentation Plaintiff already obtained through discovery. (HOWSE and ELLIS, concurring.)