Rite Aid Must Pay Ex-Honcho's Legal Fees In Fraud Fight
Law360 (May 24, 2019, 8:49 PM EDT) -- Rite Aid is on the hook for legal fees incurred by a former executive in defending himself against company claims related to a nearly 20-year-old accounting fraud scheme after a Delaware Chancery Court judge ruled Friday that he is covered by the pharmacy retailer's indemnification policies.
In an opinion from Vice Chancellor Morgan T. Zurn, the court determined that former executive vice president, general counsel and Vice Chairman of the Board Franklin Brown was unquestionably covered by both Rite Aid Corp.’s indemnification bylaw and its corporate charter, as well as by Delaware’s General Corporation Law.
Brown was seeking payment of his...
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