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WENZEL v. MATHIES

Nos. C5-95-189, C1-95-190, C3-95-420 and C6-95-1044.

542 N.W.2d 634 (1996)

Alice E. WENZEL, et al., Respondents, v. Craig R. MATHIES, et al., Defendants, Richard D. Donohoo, Appellant (C5-95-189) (C6-95-1044), Respondent (C1-95-190) (C3-95-420), Bruce Rasmussen, Respondent (C5-95-189) (C3-95-420), Appellant (C1-95-190), Capital Bank, Respondent (C5-95-189) (C1-95-190), Appellant (C3-95-420).

Court of Appeals of Minnesota.

Review Denied March 28, 1996.

Attorney(s) appearing for the Case

Mark M. Nolan, Peter J. McCall, Stapleton, Nolan & McCall, P.A., St. Paul, for respondent.

Thomas L. Fabel, David A. Allgeyer, Lindquist & Vennum, Minneapolis, for Richard D. Donohoo.

Bruce Rasmussen, pro se.

Scott R. Carlson, Rasmussen, Duckson & Carlson, Minneapolis, for Bruce Rasmussen.

George Serdar, Messerli & Kramer, P.A., Minneapolis, for Capital Bank.

Considered and decided by LANSING, P.J., CRIPPEN and NORTON, JJ.

OPINION

LANSING, Judge.

This is a consolidated appeal from a jury verdict finding a holding company officer-director and a bank officer-director liable for breach of a fiduciary duty. The breach arose from a transaction in which the directors of the closely-held banking corporation doubled its outstanding shares, which they and their associates then purchased for a price substantially lower than book value.

The bank appeals the district court's entry...

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