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Continued: Lawsuit over control of family-owned MICO ends with $21.8M award

  • Article by: DAVID PHELPS , Star Tribune
  • Last update: March 31, 2013 - 7:17 PM

The lawsuit

Dan finally sued on Oct. 2, 2006. Four days later, the board voted to put Dan on administrative leave and cut off his executive bonus and profit-sharing.

The case went to trial and in February 2011, Westphal ruled that the company was to purchase Dan’s shares for $11.5 million. With compensatory and punitive damages, including $2.8 million in attorneys fees, the total award was $21.8 million. Higher courts upheld the award.

Dan McGrath so far has collected about $17.3 million, said his attorneys, Peterson and Daniel Oberdorfer of the Minneapolis-based law firm Leonard Street and Deinard.

 

David Phelps • 612-673-7269

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