Fort Worth Firm Can't Zero Out Shares From Fired Atty

Law360 (September 25, 2020, 7:29 PM EDT) -- A Texas appellate panel has found a Fort Worth law firm wrongly attempted to redeem a fired shareholder's stake in the business without compensating him, wiping out a lower court's ruling in the firm's favor and $20,000 in sanctions against the fired attorney.

Law firm Friedman Suder & Cooke PC wasn't authorized under state regulations to attempt to redeem 1,000 shares from David A. Skeels for free after his December 2015 firing, a three-justice Second Court of Appeals panel said in a Thursday opinion. The Texas Business Organizations Code requires the firm and attorney to agree on a redemption price or...

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