On March 27, 2019, the Minnesota Supreme Court denied the defendants’ request to review the published Court of Appeals’ decision in the Lund et al. v. Lund et al., --N.W.2d--, 2019 WL 178461 (Minn. Ct. App. Jan. 14, 2019), upholding Anthony Ostlund Client’s, Kim Lund, $45,250,000 fair value award and the removal of Kim’s brother, Tres Lund, as her trustee.
After nearly five years of hard-fought litigation, Kim Lund will finally be separated from the family-owned business and be provided the financial liquidity and independence she has long been promised, and which her grandfather and father desired for her. The published decision in this case serves as the largest fair value buyout award on record in Minnesota. The Lunds decision will serve as powerful precedent in disputes among shareholders in closely-held businesses, as well as cases in which a beneficiary and/or co-trustee seeks the removal of a trustee based upon a change in circumstances. This decision will also serve as influential precedent in all types of fair value valuation cases.
Link to 3/27/19 Star Tribune article (includes quote from Janel Dressen).
Link to Minnesota Lawyer article.
Link to 2/27/19 Star Tribune article.