United States DC Circuit

In a securities fraud action against a bank, five of its then-directors and its president and CEO, the district court's order requiring the ex-directors to reimburse the bank for their defense costs is affirmed where, as the former directors satisfied neither the conditions for mandatory nor those for permissive entitlement, and the board made a determination embodying that fact, the former directors were obligated under the agreements to repay the bank for the cost of their legal defense.

Appellate Information

• Decided 10/22/2010
• Published 10/26/2010

Judges

Court

• United States DC Circuit

Counsel

• For Appellant:
  
• Frederick D. Cooke Jr., Dale A. Cooter