Amex On Hook For Ex-CEO's Legal Bills

Law360, New York (March 18, 2009, 12:00 AM EDT) -- The former CEO of the American Stock Exchange has prevailed in his battle to have the exchange pick up the legal tab for an administrative proceeding by the securities regulator that charged him with failing to enforce compliance with federal laws.

The Delaware Supreme Court on Tuesday affirmed a lower court's order directing Amex — now owned by the New York Stock Exchange — to advance the legal expenses of Salvatore Sodano, who was first targeted by the SEC for censure in 2007.

The state's Court...
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