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Court Of Chancery Declines Award While Case On Appeal

Huff v. Longview Energy Company, C.A. 8453-CS (August 12, 2013)

This is an interesting decision because it involves some real nerve by directors who seek indemnification even after they lost big time in the underlying litigation. Their claim is that some of the counts against them were withdrawn, they were "successful" and hence entitled to be indemnified. The Court avoided deciding if this is correct by holding that so long as the underlying case is on appeal, it is better to wait to see how the appeal turns out and if the previously withdrawn claims are reinstated.

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