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Case No. 20-0698

EMC Ins. Group, Inc.
Gregory M. Shepard

Gregory Shepard appeals from the district court’s judgment in favor of EMC Insurance Group, Inc. (EMCI), following the parties’ motions for summary judgment. He argues: (1) the court erred when it determined he failed to exercise his right to an appraisal of his shares of EMCI at the time EMCI sought to buy-out minority shareholders because he did not obtain proper consent from the record shareholder; (2) the court erred when it determined The Depository Trust Company (DTC) was the record shareholder because the “records of the corporation,” including the “Cede Breakdown” obtained by EMCI, showed Morgan Stanley Smith Barney LLC held his EMCI shares; (3) EMCI waived its right to strict compliance with the appraisal statute; and (4) EMCI should be estopped from arguing he failed to comply with the Iowa Business Corporations Act.



EMC Ins. Group, Inc.


Gregory M. Shepard

Attorneys for the Appellee

Michael W. Thrall
Mark C. Dickinson
Lynn C. Herndon
Beth I.Z. Boland
Eric G. Pearson
Joseph S. Harper

Attorneys for the Appellant

Steve Eckley
Thomas K. Cauley, Jr.

Supreme Court

Oral Argument Schedule


Apr 14, 2021 1:30 PM


Supreme Court Opinion

Opinion Number:
Date Published:
Jun 11, 2021
Date Amended:
Aug 06, 2021

Other Information

Date Retained:
Dec 01, 2020

View archived opinions from prior to November 2017

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