Prickett Jones Obtains Summary Judgment for Former-CFO in Indemnification Action

March 23, 2017

Prickett Jones attorneys Bruce E. Jameson and Eric J. Juray obtained summary judgment for a former CFO who incurred significant legal expenses defending against claims brought by his former employer and its controlling stockholder.

This is the second legal victory for Prickett Jones attorneys in the years-long legal dispute that began with OptimisCorp v. Waite, C.A. No. 8773-VCP, an action that resulted in a five-and-a-half day trial in the Court of Chancery.  In that action, Prickett Jones attorneys defended the former CFO against claims of breach of fiduciary duty, breach of contract and tortious interference with contract.  The former CFO prevailed on all counts, but in doing so incurred over $1.7 million in legal expenses.

Prickett Jones attorneys filed a separate action, Horne v. OptimisCorp, C.A. No. 12268-VCS, in order to compel the corporation to indemnify the former CFO for these expenses.  In a March 23, 2017 memorandum opinion, the Court of Chancery entered summary judgment for the former CFO, finding that under 8 Del. C. § 145, the former CFO was entitled to indemnification for all of the legal expenses he incurred in both the plenary action and the subsequent indemnification action.