RICHMOND, Va. — The Fourth Circuit denied U.S. Tobacco Cooperative members’ request for a judicial dissolution of the group of flue-cured tobacco farmers in North Carolina. The members, who seek both the cooperative’s dissolution and a distribution of its reserves obtained from member fees and tobacco sales, claimed the cooperative is no longer able to carry out its purposes. However, that is not a ground for dissolution under the Business Corporation Act, the appeals court ruled.
Read the opinion here .
Our weekly newsletter Closing Arguments offers the latest about ongoing trials, major litigation and rulings in courthouses around the U.S. and the world, while the monthly Under the Lights dishes the legal dirt from Hollywood, sports, Big Tech and the arts.
Search Articles
