Woods v. Cortland Capital Market Services, LLC

CourtDistrict Court, N.D. Illinois
DecidedFebruary 18, 2025
Docket1:23-cv-03892
StatusUnknown

This text of Woods v. Cortland Capital Market Services, LLC (Woods v. Cortland Capital Market Services, LLC) is published on Counsel Stack Legal Research, covering District Court, N.D. Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Woods v. Cortland Capital Market Services, LLC, (N.D. Ill. 2025).

Opinion

UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION

PAUL WOODS, ) ) Plaintiff, ) Case No. 23-cv-3892 ) v. ) Hon. Steven C. Seeger ) CORTLAND CAPITAL MARKET ) SERVICES, LLC, ALTER DOMUS INC., ) and ALTER DOMUS PARTICIPATIONS ) S.À.R.L., ) ) Defendants. ) ____________________________________)

MEMORANDUM OPINION AND ORDER

Paul Woods lost his job as a financial executive at Cortland Capital Market Services, LLC. He believes that the company terminated him because of his age, not his performance. So he sued.

Woods didn’t simply sue Cortland Capital, his employer. He also brought claims against its parent company, Alter Domus, Inc., which is based in Illinois. But Woods didn’t stop there. He also sued Alter Domus Participations S.à.r.l., the parent company sitting atop the corporate food chain.

Alter Domus Participations is a Luxembourg company, and it believes that it has no business getting sued in Illinois. So Alter Domus Participations moved to dismiss for lack of personal jurisdiction.

For the following reasons, the motion to dismiss for lack of personal jurisdiction is hereby granted.

Background

At the motion-to-dismiss stage, the Court must accept as true the complaint’s well- pleaded allegations. See Lett v. City of Chicago, 946 F.3d 398, 399 (7th Cir. 2020). The Court “offer[s] no opinion on the ultimate merits because further development of the record may cast the facts in a light different from the complaint.” Savory v. Cannon, 947 F.3d 409, 412 (7th Cir. 2020).

Before diving in, the Court offers one overarching observation. The complaint isn’t the easiest to follow when it comes to who’s who. Two of the three Defendants have “Alter Domus” in their name. There’s Alter Domus Inc., which the complaint calls “Alter Domus U.S.” And then there’s Alter Domus Participations S.à.r.l., a company in Luxembourg.

The complaint uses the phrase “Alter Domus” over and over again. That phraseology raises a question: Alter Domus who?

Oftentimes, it looks like the complaint is referring to one particular company. See, e.g., Am. Cplt., at ¶ 14 (Dckt. No. 18) (“Alter Domus, headquartered in Luxembourg, provides administrative and compliance services to a global base of clients in the alternative fund investment business.”).

But sometimes it is not clear which entity the complaint is referring to. See, e.g., id. at ¶ 15 (“One of the most significant such acquisitions occurred in 2018, when Alter Domus acquired Cortland Capital.”); id. at ¶ 17 (“Alter Domus began recruiting Woods in 2019.”).

At times, the complaint seems to use the phrase “Alter Domus” to refer to the broader corporate family. Id. at ¶ 7 (“Alter Domus U.S. and Cortland Capital are part of a group of affiliated entities doing business as Alter Domus, which provide services to clients in the alternative investments industry worldwide.”); id. at ¶ 15 (“In recent years, Alter Domus eagerly sought to expand its North American operations, particularly by acquiring other existing U.S. businesses.”). The affiliated companies get whirled together in the corporate blender, creating a cocktail called “Alter Domus.”

The blurring and blending of corporate names make things tricky when it comes to personal jurisdiction. The foreign entity, Alter Domus Participations S.à.r.l., contends that it lacks sufficient contacts with this forum. It is hard to tell if Alter Domus Participations S.à.r.l. has a footprint in Illinois when the complaint talks about “Alter Domus.” That is, it is tricky to tell who’s who and what’s what when the complaint does not specify whether it is referring to one entity (and if so, which one), or to the group of affiliated entities.

So this Court will apply the following rule of construction. The Court will read “Alter Domus” to refer to Alter Domus U.S. This Court will not read “Alter Domus” to refer to Alter Domus Participations S.à.r.l., unless the context makes it clear that the complaint is referring to the foreign entity. Woods can file a motion for leave to amend the complaint if he intended something different.

With that windup, the Court dives right in. The Court will pick up where it left off – with the family of Alter Domus companies.

The Alter Domus companies provide services to clients in the alternative investments industry worldwide. Id. at ¶ 7. Alter Domus, Inc. (“Alter Domus U.S.”) is the American company, and it is based in Illinois. Id. at ¶ 5. Its parent company is Alter Domus Participations S.à.r.l. (“Alter Domus Participations”), a societé à responsabilité limitée incorporated in Luxembourg. Id. at ¶ 8. “Alter Domus” (presumably meaning Alter Domus U.S.) is governed by a Group Executive Board, which is in turn overseen by the Supervisory Board of Directors. Id. And the Group Executive Board and the Supervisory Board of Directors are both controlled by Alter Domus Participations. Id.

In recent years, Alter Domus U.S. sought to expand operations in North America through acquisition. Id. at ¶ 15. For present purposes, one of those acquisitions looms large. In 2018, Alter Domus U.S. acquired Cortland Capital. Id. The employees gained in that acquisition became the majority of Alter Domus U.S.’s employees in North America. Id. at ¶ 16.

“Alter Domus” began recruiting Plaintiff Paul Woods in 2019. Id. at ¶ 17. Woods had worked as a financial executive for many years. Id. at ¶ 13. Woods believes that Alter Domus sought him out because of his “significant goodwill and industry contacts” and “years of experience in fund operations,” which could help Alter Domus achieve its aggressive growth and development targets. Id. at ¶ 18.

Woods received an employment offer in May 2020. See Am. Cplt., Ex. A, at 2 (Dckt. No. 18). The offer came from Cortland Capital Market Services LLC, “part of the Alter Domus Group.” Id. at 1. The company offered to hire Woods as the Regional Executive for North America, reporting to the CEO (Doug Hart). Id.

Before long, Woods signed an employment agreement with Cortland Capital Market Services LLC, “an affiliate of Alter Domus Inc.” See Am. Cplt., Ex. B, at 2 (Dckt. No. 18).

Woods started with a base salary of $350,000 per year. Id. He was eligible to receive an annual bonus of 50% of his salary, based on revenue benchmarks approved at the beginning of each year by the Board of Directors of Cortland Capital. Id. Any annual bonus would need the approval of the Board of Directors of Cortland Capital and the remuneration committee for “the Group,” defined as “the Company, its subsidiaries and any holding company or parent entity of the Company and any associated or affiliate company.” Id.

The agreement addressed the compensation that Woods would receive if the company terminated him without cause. In that scenario, Woods was entitled to receive: “(i) any accrued and unpaid compensation earned by [Woods] on or prior to the date of termination, payable no later than the business day following the date of termination; (ii) payment of any reimbursements owed to [Woods] submitted by [Woods], payable within ten (10) days after the date of termination; and (iii) payment of a pro rata share of any bonus that [Woods] would have earned had he not been terminated until after the conclusion of the applicable bonus period.” Id. at 5.

Woods soon took charge of the expansion of the North American operations. See Am. Cplt., at ¶ 26 (Dckt. No. 18). Under his leadership, “Alter Domus” opened a new office in the Cayman Islands in November 2020. Id. at ¶ 27. “Alter Domus” acquired IPS Fund Services, a Boston-based fund administrator, in December 2020. Id. at ¶ 29. And in February 2021, “Alter Domus” acquired Strata Fund Solutions, a Utah-based fund administrator. Id. at ¶ 30. “Alter Domus” was “thrilled with Woods’ efforts in achieving these acquisitions.” Id. at ¶ 31.

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Woods v. Cortland Capital Market Services, LLC, Counsel Stack Legal Research, https://law.counselstack.com/opinion/woods-v-cortland-capital-market-services-llc-ilnd-2025.