The Delaware Court of Chancery, in Nathan Brick v. The Retrofit Source, LLC, et al., C.A. No. 2020-0254-KSJM, order (Del. Ch. Aug. 18, 2020), finds plaintiff, who served as operating LLC’s officer and managing LLC’s board member, is not entitled to advancement of legal expenses incurred in connection with conduct solely in his officer capacity.
K&L Gates discusses the decision in Court Dismisses Contractual Claims For Advancement and Indemnification.