WALTUCH v. CONTICOMMODITY SERVICES, INC.

No. 447, Docket 95-7433.

88 F.3d 87 (1996)

Norton D. WALTUCH, Plaintiff-Appellant, v. CONTICOMMODITY SERVICES, INC. and Continental Grain Co., Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided June 27, 1996.


Attorney(s) appearing for the Case

Peter M. Fishbein, Kaye, Scholer, Fierman, Hays & Handler, New York City (Steven J. Glassman, New York City, on the brief), for Plaintiff-Appellant.

Richard A. Rosen, Paul, Weiss, Rifkind, Wharton & Garrison, New York City (Gregory A. Clarick, New York City, on the brief), for Defendants-Appellees.

Before: VAN GRAAFEILAND, JACOBS and PARKER, Circuit Judges.


JACOBS, Circuit Judge:

Famed silver trader Norton Waltuch spent $2.2 million in unreimbursed legal fees to defend himself against numerous civil lawsuits and an enforcement proceeding brought by the Commodity Futures Trading Commission (CFTC). In this action under Delaware law, Waltuch seeks indemnification of his legal expenses from his former employer. The district court denied any indemnity, and Waltuch appeals.

As vice-president and chief metals trader...

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