The share ownership system in the United States is fraying. And while its shortcomings have been largely behind the scenes, now they are going to cost some innocent shareholders money.

The problems have become apparent as a result of a Delaware court case over the $1.2 billion buyout of Dole Food in 2013. A $115.7 million settlement was reached after a lawsuit that accused David H. Murdock — Dole’s controlling shareholder and chief executive — and his lieutenants of conflicts of interest in taking the company private.

Former Dole shareholders will receive $2.74 a share — a nice chunk of change in addition to the $13.50 a share originally paid in the deal. Still, because of the shareholder ownership system, some of those Dole shareholders may not get that money.

The reason is that while shareholders think they own the shares they buy, they don’t in a sense.

That may come as a surprise to those who check their online brokerage accounts daily or see traders on a floor of an exchange reacting to price movements. A market that in many ways is open and transparent is underpinned by a system of share ownership that can be anything but.