DC Circ. Says Execs Owe Bank $650K In Atty Fees

Law360, New York (October 22, 2010, 6:50 PM EDT) -- A federal appeals court has affirmed a lower court's finding that three former directors of Independence Federal Savings Bank must repay nearly $650,000 in legal fees that the bank advanced them to cover the costs of a shareholder suit over alleged misconduct in a heated proxy contest.

Senior Circuit Judge Stephen F. Williams wrote the opinion for the U.S. Court of Appeals for the District of Columbia Circuit on Friday, handing down the court's decision that the former directors are not entitled to indemnification for the...
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