Gilbert Alden Prevails in Shareholder Dispute Before the 8th Circuit
On June 24, 2016, the United States Court of Appeals for the Eighth Circuit issued its decision affirming the summary judgment dismissal of shareholder claims made against thirteen separate internet/tech. companies represented by Charlie Alden of Gilbert Alden. Gilbert Alden obtained dismissal of claims seeking one-half ownership of thirteen separate internet companies in Minnesota Federal District Court in 2014 on statute of limitations grounds. The other side sought an accounting, half ownership, and half of the profits over the approximate eight-year term of the companies’ existence, alleging that he was a shareholder or common-law partner because of what he claimed was his involvement in the companies’ formation.
On June 24, 2016, a three judge panel issued its opinion unanimously affirming the District Court’s decision. This was the second trip to the Eighth Circuit, and second victory, for the internet companies represented by Gilbert Alden. The litigation is now concluded and the companies can continue their business without threat of dissolution or disputed claims to ownership. A copy of the decision is available here.