Judge Awards Lunds Grocery Heir $45M
A Hennepin County judge awarded $45.2 million to Kim Lund for her ownership stake in the Lunds & Byerlys grocery chain.
The Star Tribune reports that the amount is a little more than half of the $80 million that Lund originally sought, but significantly more than the $21.3 million that the company offered to her.
Kim Lund is the oldest of four Lund siblings who each own one-quarter of the company. Russell “Tres” Lund III, who serves as CEO, is the only sibling involved with day-to-day operations of the grocery chain.
Lund filed a lawsuit in December 2014 against both the company and Tres. Talk of her cashing out at least a portion of her stake started in the early 1990s, but an agreement was never reached.
Under the ruling reached by Judge Ivy Bernhardson, Lund will receive $2.3 million immediately. The rest will be paid over two decades on a 2.75 percent annual interest note.
Lunds & Byerlys said it’s reviewing the ruling and making a decision on if it will appeal.
The full story can be read here.