Famed Westchester Golf Course at Center of Shareholder Suit
A Westchester County golf club that counts prominent New York City lawyers and President Donald Trump among its members continues to be a legal battlefield for a suit in which shareholders allege they were misled about the true value of their shares.
September 08, 2017 at 06:01 PM
12 minute read
A Westchester County golf club that counts prominent New York City lawyers and President Donald Trump among its members continues to be a legal battlefield for a suit in which shareholders allege they were misled about the true value of their shares.
For 70 years, the Winged Foot Golf Club has paid a $30,000 per year lease to a holding corporation for the 280-acre property that contains its two courses, which plaintiffs in the shareholder derivative suit said is the product of “sweetheart lease deals” that put the land well below market value.
In an amended complaint filed Sept. 7, the plaintiffs, minority shareholders in the holding company who are not members of the club, said shareholders were duped into believing the holding corporation was a nonprofit and could only offer a nominal amount of up to $3,000 for their shares.
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