Court of Chancery Grants Advancement to an Employee

Posted on January 17, 2008 by Edward M. McNally
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Sassano v. CIBC World Markets Corp., C.A. No. 3066-VCL ( January 17, 2008).

It is not widely recognized that Delaware law permits a corporation to grant advancement of attorney fees to employees who are not directors and may even be fairly minor employees. Here, the bylaws provided advancement of fees for an officer with "management supervisory functions". The court carefully went over whether the plaintiff had those duties and found that he did and thus, should be advanced his fees for the defense of an SEC investigation.

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