Article Archives >> Lead Stories >> December 16, 2008-January 15, 2009
Preview of Article:
Association Members May Sue
Former Directors for Breach
Condo owners claim former board failed
to supervise manager, obtain adequate insurance
An Illinois appellate court has allowed condominium owners to bring a derivative suit on behalf of their nonprofit owners association against former members of the board of directors who allegedly breached their fiduciary duty by failing to supervise their property manager or obtain adequate insurance. The Court affirmed a trial court’s dismissal of the claim by the owners on their own behalf. (Davis v. Dyson, Ct. of App., IL, First App. Dist., Sixth Div., No. 1-07-2927, 12/19/08.)
Article Archives >> Lead Stories >> December 16, 2008-January 15, 2009
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