Plaintiff Says Brocade Shouldn't Indemnify Ex-CEO

Law360, New York (July 28, 2008, 12:00 AM EDT) -- The plaintiff in a derivative shareholder action on behalf of Brocade Communications Systems Inc. is seeking to recover more than $46 million in defense costs paid for former CEO Gregory Reyes, saying the company shouldn't have to foot the bill for his securities fraud violations, including stock options backdating.

In a motion filed Friday in the U.S. District Court for the Northern District of California, plaintiff Mary E. Barbour asked for partial summary judgment on her claim that Brocade was not required to indemnify Reyes for...
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