Court Opinion

ID: 9577977
Source: CourtListenerOpinion
Date Created: 2023-08-21 21:40:08.094661+00
Date Added: 2024-06-11T13:22:12.718275
License: Public Domain

Justice PLEICONES
dissenting:
I agree with the majority that at the summary judgment phase, a verified complaint is an acceptable substitute for an affidavit, as long as the pleading satisfies Rule 56(e), SCRCP. However, I respectfully disagree that there was no genuine issue of material fact that precluded summary judgment. In *72my opinion, the factual averments of respondents’ verified complaint raised a genuine issue whether petitioners breached their fiduciary duty. The complaint alleged that the shares were issued for inadequate compensation. And that there was no legitimate business purpose for issuing the shares, as evidenced by the 100% dividend, returned on those shares only a few months later. I would therefore affirm the Court of Appeals.