Thomas J. Shroyer focuses his practice on complex civil litigation with an emphasis on business torts, professional liability, securities litigation, and shareholder rights disputes.
Mr. Shroyer has earned significant recognition in the legal profession by successfully handling numerous multi-million dollar claims for local and national businesses. In fact, Mr. Shroyer's established reputation as a top trial attorney garnered his long-standing commendation as a "Super Lawyer," "Top 40 Business Litigator" and "Best Lawyer" in surveys of the legal community. Mr. Shroyer is highly respected by both clients and opposing counsel for his ability to anticipate problems and develop practical solutions with bottom-line success for clients. In addition to his reputation as an aggressive litigator, Mr. Shroyer uses his experience to actively advise business owners across the country on liability prevention tactics. Mr. Shroyer is the author of a treatise, numerous articles, and is frequently asked to speak as an engaging authority on business law.
Mr. Shroyer practices in all state and federal courts in Minnesota, and in courts throughout the United States. His national presence has been recognized by preferred organizations such as The Best Lawyers in America and Minnesota Super Lawyers.
You can follow changes in the law of accountants professional liability at Mr. Shroyer's web site, www.accountantslaw.com.
REPRESENTATIVE CASES:
Shareholder Rights:
Plaintiffs v. Shareholders (Hennepin County District Court File No. CT 03-015235 and CT 03-13928) - Prosecuted plaintiffs' claims for control of $125 million printing company and repayment of $9 million in promissory notes; action consolidated with minority shareholder claim for relief under Minn. Stat. Sec. 302A.751. Shareholders v. Company (Hennepin County District Court File No. EM 96-008614) - Obtained court ordered buy-out of former shareholder at favorable price based on valuation of defendants' appraiser.
Professional Liability:
Bank v. CPA Firm (Yellowstone County, Montana District Court File No. DV 07-1463) - Won defense jury verdict on a $6.5 million claim alleging that audited financial statements failed to detect the misappropriation of the bank's asset-based loan collateral by the borrower, and summary judgment dismissing claim by bank holding company that it relied on the same audits to acquire the bank following its due diligence review of the same asset-based loan. Client v. Attorney, 394 F. 3d 1062 (8th Cir. 2005) - Defense of attorney sued on conflict of interest claim following incorporation of a new business. Broker Dealer v. CPA, 611 N.W.2d 372 (Minn. Ct. App. 2000) - Successfully defended multi-million dollar failed audit claim arising out of alleged international money laundering and stock market manipulation trading scheme. Client v. CPA, 105 F. Supp. 2d 1045 (D. Minn. 2000) - Obtained dismissal of $10 million accounting malpractice case for failure to comply with expert disclosure requirement of Minn. Stat. Sec. 544.42. Sister v. Brother, 980 P.2d 603 (Mont. 1999) - Defense of accounting malpractice and breach of fiduciary duty claim arising out or CPA's alleged conflict of interest by representing multiple clients. Client v. Attorney, 1998 WL 373276 (Minn. Ct. App. 1998) - Won defense of legal malpractice claim for alleged negligence in handling underlying trial and probate court. Investor v. CPA, 520 F. Supp. 128 (D. Minn. 1981) - Securities fraud and accounting negligence claim; established pleading requirements under Fed. R. Civ. P. 9(b) in Minnesota federal court.
Intellectual Property:
Trademark Owner v. Infringer (D. Minn. No. 07-4570) - Obtained injunction against sale and advertising of drink product, and related web domains, infringing on client's trademarks. Restaurant v. Restaurant, 86 F. Supp. 2d 886 (D. Minn. 1999) - Restaurant decor and theme trade dress infringement claim. Owner v. Infringer, 764 F. Supp. 1342 (D. Minn. 1990) - Patent infringement and trade secrets theft claim.
Securities and Class Actions:
Class Action (D. Minn. No. 97-2259) - Defended accounting firm on securities fraud class action and won dismissal under Private Litigation Securities Reform Act of 1995. Investor v. CPA, 682 F. Supp. 429 (D. Minn. 1987); Investor v. CPA, 638 F. Supp. 1283 (D. Minn. 1988); Investor v. CPA, 692 F. Supp. 1057 (D. Minn. 1988); Investor v. CPA, 703 F. Supp. 1388 (D. Minn. 1989) - Lead defense counsel for complex securities fraud, fraud and accounting malpractice claims arising out of sale of abusive tax shelters. Employee v. Plan Sponsor, 739 F.2d 1293 (8th Cir. 1984) - Class action ERISA and common law fraud claim. Investor v. CPA, 587 F. Supp. 719 and 591 F. Supp. 837 (D. Minn. 1984) - Securities fraud class action; established exception to American Pipe tolling doctrine for statute of limitations in class actions. Investor v. Broker Dealer (D. Minn., No. 4-90-125) - Represented plaintiffs in $25 million securities fraud class action for sale of wind farm by Control Data, Inc. Investor v. Law Firm (D. Minn.) - Defended major Minnesota law firm on securities fraud and legal malpractice class action brought under fraud on the market theory.
Contract:
Insurance Broker v. Health Insurance Company (Hennepin County District Court File No. 03-002739) - Obtained lucrative, confidential settlement of claim for health insurance broker against insurance companies for breach of contract to pay renewal premiums. Seller v. Developer, 1992 WL 333619 (Minn. Ct. App. 1992) - Successfully defended claim to impose equitable mortgage on sale of $10 million of commercial property on grounds of fraud.
Insurance:
Insurance Company v. Insured, 117 F. Supp. 2d 911 (D. Minn. 2000) - Reformation of insurance policy. Insurance Company v. Insured, 23 F. Supp. 2d 1057 (D. Minn. 1998) - Determined that failure to disclose known claim in insurance policy application voids coverage. Claimant v. Insured, 1993 WL 121257 (Minn. Ct. App. 1993) - Defeated Miller v. Shugart settlement on grounds that terms were unreasonable and a sham. Insurance Company v. Insured, 726 F. Supp. 740 (D. Minn. 1989) - Established that punitive damages are not insurable in Minnesota.
General:
Plaintiff v. Case Worker (Ramsey County District Court File No. 62-C7-06-000770) - Successfully defended this case through six days of trial, resulting in a jury verdict that completely rejected a claim of rape by a social services client against her case worker and his employer. Distributor v. Manufacturer (Hennepin County District Court File No. 05-1192) - Won dismissal of claim for tortious interference with distribution franchise agreement and sanctions for attorneys' fees against plaintiff. In re Estate, 2005 WL 1619867 (Minn. Ct. App.) - Successful defense of will contest and handwriting forgery claim. The Minnesota Court of Appeals commented that the credibility of the plaintiff's handwriting expert was "effectively undermined" by Mr. Shroyer (WL 1619867 at p.4). Developer v. Township, 551 N.W.2d 248 (Minn. Ct. App. 1996) - Successfully defended zoning moratorium on development of concentrated hog finishing operation. Developer v. Township, 1995 WL 479670 (Minn. Ct. App. 1995) - Successful defense of municipal zoning and planning law.
