Conway v. ASTORIA FINANCIAL CORP.

OPINION AND ORDER

LAMB, Vice Chancellor.

I

This action arises under a regulation adopted by the predecessor of the Office of Thrift Supervision, a bureau of the United States Department of the Treasury. That regulation was promulgated in 1969, in order to make uniform the director and officer indemnification practices of federally chartered savings associations. In this case, a former corporate officer who engaged in substantial misconduct in office seeks indemnification for his attorneys’ fees and expenses relating to a class action resulting from his misconduct. This unquestioned malefactor…