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Richard T. Ostlund, Anthony Ostlund Louwagie Dressen Boylan P.A.
Richard T. Ostlund, Anthony Ostlund Louwagie Dressen Boylan P.A.

The POWER 30: Richard T. Ostlund

Richard Ostlund traces his trial success to being the son of a schoolteacher and coach in Walker.

It taught him about community involvement and forging relationships, and it taught him to approach a jury as if it were a class of students.

His legal career started at Lindquist & Vennum LLP in 1982, making a path using what was then a new statute, Minn. Stat. sec. 302A, the Minnesota Business Corporation Act. He began to be known for winning shareholder litigation under the law. In 2001, Ostlund and fellow attorney Joseph Anthony started their firm now known as Anthony Ostlund Louwagie Dressen Boylan P.A.

Ostlund left the contract and banking business behind, and he and Anthony set out to build a “best in class law firm” that now has had cases in 30 states. “We do dispute resolution,” he said. That includes “what to do upfront to avoid litigation,” he said. He also serves on boards of directors and consults with them.

It has been a very good year for Ostlund and the firm’s clients. On May 6, 2022, Anthony Ostlund won a $70.5 million verdict in Minneapolis for Jim Koch against Koch Companies, Koch Industries, Randy Koch and Dave Koch.

The plaintiff wanted to be bought out of the company and damages for breach of contract and lack of good faith by the other shareholders, his brothers.

The award of $70.5 million plus attorney fees, including the $58.5 million stock buy-out award, is believed to be the highest ever awarded under the Minnesota Business Corporation Act, § 302A, et seq.

Two other ownership cases were settled for over $50 million and over $75 billion.

Recently, the American Bar Association published the fifth edition of its stellar treatise on complex business litigation in federal court. Ostlund is the primary editor on the issue of breach of fiduciary duty.