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CONWAY v. ASTORIA FINANCIAL CORP.

C.A. No. 19499.

837 A.2d 30 (2003)

James J. CONWAY, Jr., Plaintiff, v. ASTORIA FINANCIAL CORPORATION, Defendant.

Court of Chancery of Delaware, New Castle County.

Decided: July 16, 2003.

Attorney(s) appearing for the Case

Michael D. Goldman, Richard L. Renck, Potter Anderson & Corroon, Wilmington; Thomas P. Puccio, Law Offices of Thomas P. Puccio, New York City; Lawrence S. Robbins, Arnon D. Siegel, Robbins, Russell, Englert, Orseck & Untereiner, LLP, Washington, DC, for Plaintiff.

Alan J. Stone, Megan E. Ward, Morris, Nichols, Arsht & Tunnell, Wilmington; Michael L. Hirschfeld, Mathew B. West, Daniel M. Perry, Milbank, Tweed, Hadley & McCloy, LLP, New York City, for Defendant.

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...

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