Sifting through cross motions for summary judgment, Delaware Court of Chancery Chancellor Andre G. Bouchard last week enforced advancement rights of two former officers of a family of a Delaware companies for expenses related to a case brought by the former employer in the Eastern District of Texas.
The plaintiffs, who left ORIX USA Corp. and ORIX Capital LLC to operate a competing company, showed they were involved in the litigation, despite not being named defendants in the action. That finding—rooted in the ORIX USA charter—precluded the defendants from prevailing on their own motion under a separate LLC agreement, Bouchard said.
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