Wrongful termination?

Employed with an company for close to 20 years. I was given shares which makes Me a shareholder. The paperwork I signed states that based on me owning shares I can terminate my position at any given time or the corporation for reasonable cause. At time of termination I was told it was for just cause but was never given a specific reason why. I have a copy of the shareholders document with my signature and the CEO. Do I have a case for wrongful termination.

3 answers  |  asked Mar 14, 2015 05:38 AM [EST]  |  applies to Ohio

Answers (3)

Neil Klingshirn
Here is an article on the rights of minority shareholders in Ohio:


Your rights as a minority shareholder were probably subsumed into your right, under your employment agreement, to be discharged only for just cause. In other words, as David Neel suggests, you may have a claim for breach of contract, the breach being that you were not removed for just cause. However, I would need to review your contract and the circumstances of your removal before I could form an opinion as to the merits of such claim.

posted by Neil Klingshirn  |  Mar 17, 2015 12:07 PM [EST]
Bruce Elfvin
In order to really answer your question there are different facts that must be fleshed out in my opinion. When you became a shareholder how was the company operated? This has a big impact in terms of your rights in a closely held corporation. I do not know the precise answer to your question, but you need to see an employment attorney that is familiar with close corporations.
Not certain where you are in Ohio, I am in Cleveland and can be reached at 216.382.2500

posted by Bruce Elfvin  |  Mar 16, 2015 1:02 PM [EST]
David Neel
The better case ould be for breach of contract.

posted by David Neel  |  Mar 14, 2015 3:06 PM [EST]

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