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Recent Lessons In D&O Fee Advancement And Indemnification

Law360, New York (July 23, 2015, 10:38 AM EDT) -- Recent decisions by the U.S. Court of Appeals for the Third Circuit and the Delaware Court of Chancery have raised important issues regarding fee advancement bylaws or policies of Delaware corporations.

Indemnification refers to the right of officers and directors of a corporation to be reimbursed by the corporation for losses, including legal fees, incurred in legal proceedings related to their employment by that corporation. Advancement refers to the right of those officers and directors to receive immediate funds from the corporation to pay for legal fees and expenses prior to indemnification, conditioned on the return of the funds if the...

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