In New York, an oppressed shareholder is a shareholder of a corporation who has been treated unfairly or prejudicially by the corporation or other shareholders. This may occur when the majority shareholders engage in actions that unfairly benefit themselves at the expense of minority shareholders, or when the corporation engages in actions that harm the interests of the shareholders as a whole.
Under New York law, oppressed shareholders have the right to seek relief from the courts. This may involve filing a lawsuit to challenge the actions of the corporation or majority shareholders, or seeking a court order to remedy the harm that has been done. The courts may order a range of remedies to protect the rights of oppressed shareholders, including requiring the corporation to buy out the shareholder’s interest, appointing a receiver to manage the affairs of the corporation, or ordering the dissolution of the corporation.
It is important to note that the legal definition of an oppressed shareholder in New York may vary depending on the specific circumstances of the case, and that there may be other legal issues to consider when seeking relief from the courts. Therefore, it is recommended to seek the advice of an attorney with experience in shareholder rights and corporate law to assist with navigating these issues.
