In the News

Jonathan Feld, Mark Magyar Obtain Significant Victory for Dykema Client in Embezzlement Matter

Court Enters Judgment of Nearly $10 Million

September 27, 2013

Jonathan Feld, Chicago-based member of Dykema’s Business Litigation group, and Mark Magyar, a Grand Rapids-based senior attorney in the Firm’s Business and Commercial Litigation group, received an award of almost $10 million for the Dykema client, ICD Publications, Inc.  ICD had sued its former president and CEO for the embezzlement of funds.

The CEO embezzled more than $1.22 million over the course of six years. In a decision announced September 27, 2013, Judge Patrick J. Sherlock of the Circuit Court of Cook County entered a judgment in favor of ICD for $9,791,840 reflecting the amount of the embezzled funds and $550,000 in prejudgment interest on the embezzlement. The Court also ordered that the former CEO repay $6 million, reflecting compensation that the CEO received during the six years he breached his fiduciary duties; as well as $2 million in punitive damages for the defendant’s “willful, deliberate, and repeated” breaches of his fiduciary responsibilities.

Feld and Magyar were assisted by John Rhoades, a Chicago-based associate in the Commercial Litigation Group.