Vice Chancellor OKs Fees In Investor Row, Blasts Bank Attys
Law360 (February 7, 2018, 4:47 PM EST) -- In an often-damning ruling, a Delaware vice chancellor on Wednesday granted stockholder attorneys their full $610,300 fee request for litigation rendered moot by HopFed Bancorp Inc.’s under-pressure overhaul of an improperly restrictive director nominating and eligibility bylaw last year.
Vice Chancellor J. Travis Laster approved the fee over the objections of HopFed attorneys he accused Wednesday of using “doubletalk” and “incomprehensible answers full of weasel words” during dismissal arguments in August.
The complaint accused HopFed’s board of adopting irrational and overbroad rules disqualifying from director service anyone sanctioned by financial regulators as well as those nominated by sanctioned investors.
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