VonFeldt v. Stifel Financial Corp.

VEASEY, Chief Justice:

This appeal challenges a decision of the Court of Chancery denying a corporate director’s request for indemnification and advance of legal fees and expenses. The Court of Chancery ruled that defendant corporation’s bylaws do not entitle plaintiff to be indemnified or to receive advance of legal fees and expenses. The trial court also ruled that no contract exists whereby defendant must pay for plaintiff’s defense in pending litigation. We reverse, in part, the former holding because we find that, under the bylaws, plaintiff is entitled to indemnification because…