Schaeffer v. Medic
In a derivative suit alleging that a co-owner diverted company funds (including SBA loan proceeds) to his personal and affiliated-entity accounts, the trial court largely permitted subpoenas of the personal and business financial records, limiting the time frame and accounts. The Third District held it had certiorari jurisdiction because financial records are constitutionally protected, but denied the petition because the discovery was reasonably calculated to lead to admissible evidence and the trial court imposed careful limits.
Key facts
- Schaeffer filed a derivative suit against Medic and a co-owner, alleging the co-owner diverted company funds, including SBA loan proceeds, to personal and affiliated-entity accounts.
- The trial court largely granted subpoenas for the defendant's personal and business financial records, with limitations on the time frame and specific accounts covered.
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Why it matters
Useful authority on both sides of financial-records discovery fights: petitioners can cite it for the proposition that a compelled-financial-disclosure order clears the jurisdictional irreparable-harm hurdle, while… — full analysis with a trial
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