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Jury settles family beef: Father, son ordered to pay millions over business feud
(Milwaukee Journal Sentinel, The (KRT) Via Acquire Media NewsEdge) Jul. 12--After a 31-day trial in Washburn County, a jury has ordered both sides in Jack Link's bitter family feud to pay each other a similar amount of money: about $5 million.
The trial, which included 21 days of testimony and arguments, pitted Jay Link against his father Jack and brother Troy. Money was the issue in the suit filed by Jack and Troy after Jay left the family's beef jerky business in the summer of 2005.
Jack, who founded Links Snacks Inc. in the l980s, and Troy, company president, filed the suit against Jay, the elder son, in September 2005. The suit asked the court to order Jay to abide by an agreement he signed in 1995 requiring him to sell back his stake in the Minong company to the other family owners if he left the business.
The case is regarded as the largest ever tried in the courthouse in Shell Lake, which has one courtroom and one circuit judge, Eugene Harrington.
The trial ended this week with the jury finding that each of the Links had breached their fiduciary duties, and that Jay Link had failed to abide by his 1995 departure agreement
The jury ordered Jack Link to pay punitive damages of $5 million to Jay, plus $736,000 in damages.
Jay Link was ordered to pay punitive damages of $5 million to Links Snacks for his actions, plus $152,000 in damages for breaching his departure agreement.
Michael Aprahamian, the Foley & Lardner attorney representing Jay Link, plans to file a motion asking the judge to set aside the punitive damages assessed against his client. He also said the jury's finding of breach of fiduciary duty by Jack and Troy Link paves the way for a larger settlement price for Jay for his share of the business.
Michael Freeborn, the Chicago lawyer representing Jack and Troy Link, noted that while the verdict awards were similar, Jack Link also won an earlier judgment requiring Jay to repay a $2 million loan from his father for Jay's new home.
Freeborn said the finding of breach of fiduciary duty against Jay would make it more difficult for him to get more than fair market value for his share in the Links' businesses. Appraisers have set a fair market value of $34.6 million for Jay's interest in the companies owned by the family, Freeborn said.
Hearings are scheduled in August on the value of Jay Link's share of the business.
To see more of the Milwaukee Journal Sentinel, or to subscribe to the newspaper, go to http://www.jsonline.com.
Copyright (c) 2008, Milwaukee Journal Sentinel
Distributed by McClatchy-Tribune Information Services.
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