Appellate Court of Illinois

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Lozman v. Putnam, 1- 06-0861

In an action for usurpation of corporate opportunities, order and judgment for defendants are upheld where the action was barred by: 1) the doctrine of laches despite its application in the fiduciary context; and 2) the execution of a written mutual release which voided a prior sharing of revenues and commissions agreement exonerated the parties from liabilities.

Appellate Information

  • Decided 02/19/2008
  • Published 04/01/2008


  • Justice ROBERT E. GORDON delivered the opinion of the court:


  • Appellate Court of Illinois


  • For Appellant:
  • Much, Shelist, Freed, Denenberg, Amendt & Rubenstein, P.C., Anthony C. Valiulis, of counsel, The Nathanson Law Firm, Philip J. Nathanson and Meredith Nathanson, of counsel, Chicago, IL, for Appellants.

  • For Appellees:
  • Baker & McKenzie, LLP, William Lynch Schaller, Michael A. Pollard, John M. Murphy, and Peter P. Tomczak, of counsel, Chicago, IL, for Appellees/Cross-Appellants, Archipelago, LLC and Archipelago Holdings, LLC., Cray, Huber, Horstman, Heil & VanAusdal LLC, James K. Horstman, Timothy C. Samuelson and Ronald L. Wisniewski, of counsel, Chicago, IL, for Defendants, Gerald Putnam, Terra Nova Trading, LLC, Stuart Townsend, Marrgwen Townsend, Townsend Analytics, Ltd., Chicago Trading & Arbitrage LLC GDP, Inc., and Virago Enterprises, LLC.