illinois Digital News

Ill. Panel Says Property Co. Members Owe $1.2M In Atty Fees

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By Celeste Bott (June 22, 2022, 5:48 PM EDT) — An Illinois appellate panel held Tuesday that a lower court had the authority to order individual members of a company formed to develop Chicago property to pony up roughly $1.2 million in attorney fees, after the court ruled in favor of shareholders accusing the developers of mismanaging the company. 

Following the shareholders’ bench trial win, a Cook County judge found that the “intentional wrongdoing, oppressive conduct, fraud, and multiple breaches of fiduciary duty” of Jerry Karlik, Keith Giles, Jordan Karlik, Spiros Picoulas and Kargil Blue Island LLC was egregious enough to warrant an assessment of the shareholders’ attorney fees and costs…

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