“Were we to accept Siegel’s argument, the statutory right to indemnification would apply even to fees and expenses having the most attenuated link to the underlying action,” Judge Howard A. Levine said.
ALBANY – A New York Business Corporation Law provision that allows corporate officers to obtain indemnification does not also entitle them to legal fees incurred in establishing their reimbursement rights, a deeply divided Court of Appeals held yesterday. The Court, which was sharply split, concluded that the statute does not recognize recovery of so-called “fees-on-fees.”
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