Justia Business Law Opinion Summaries

Articles Posted in Supreme Court of Ohio
Appellants and Grady Reed were shareholders in a closely held corporation. In a 2010 complaint, Reed alleged that Appellants had breached the shareholders’ agreement and demanded relief in the form of money damages. After a jury trial, Judge Richard Ferenc granted Reed’s motion for a directed verdict and awarded him money damages, apportioning the liability among Appellants in proportion to their shares in the corporation. The court of appeals reversed, concluding that the trial court erred by treating the complaint as an action for money damages when the only available remedy was specific performance. On remand, Judge Ferenc concluded that Appellants had no right to a jury trial because Reed’s predominant claim for relief was equitable in nature. Appellants sought a writ of prohibition arguing that Judge Ferenc’s exercise of judicial power was unauthorized by law and that they did not have an adequate remedy by way of appeal from his adverse rulings. The court of appeals granted Judge Ferenc’s motion to dismiss the complaint. The Supreme Court affirmed, holding that Appellants failed to establish their entitlement to a writ of prohibition. View "State ex rel. Samarghandi v. Ferenc" on Justia Law