Texas Court Axes Energy Exec's Indemnity For $5M Verdict

Law360, Dallas (December 12, 2013, 8:17 PM EST) -- A Texas appeals court on Wednesday held Ricochet Energy Inc. doesn’t have to indemnify its co-founder for a $5 million jury verdict stemming from his alleged theft of a seismic map from the company that he used to drain an oil and gas reservoir Ricochet planned to develop.

The Fourth Court of Appeals said although Thomas A. Lamont’s separation agreement from Ricochet includes a broad indemnity clause, the contract doesn’t require Ricochet to indemnify Lamont for liabilities stemming from his own intentional torts. The indemnity dispute...
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