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SASSANO v. CIBC WORLD MARKETS CORP.

C.A. No. 3066-VCL.

948 A.2d 453 (2008)

Michael A. SASSANO, Plaintiff, v. CIBC WORLD MARKETS CORP., a Delaware corporation, Defendant.

Court of Chancery of Delaware.

Decided: January 17, 2008.

Attorney(s) appearing for the Case

Thomas G. Macauley, Esquire, Zuckerman Spaeder LLP, Wilmington, Delaware; Graeme W. Bush, Esquire, Zuckerman Spaeder LLP, Washington, D.C.; Shawn Naunton, Esquire, Zuckerman Spaeder LLP, New York, New York, Attorneys for the Plaintiff.

Kenneth J. Nachbar, Esquire, Jay N. Moffitt, Esquire, Morris Nichols Arsht & Tunnell LLP, Wilmington, Delaware; Jonathan D. Polkes, Esquire, Richard L. Levine, Esquire, Matthew L. Mustokoff, Esquire, Weil Gotshal & Manges LLP, New York, New York 10153, Attorneys for the Defendant.

OPINION

LAMB, Vice Chancellor.

In this case, an individual seeks from his former employer advancement of costs incurred in defending against five proceedings. The former employee was neither a director, nor an officer appointed by the board of directors; however, he maintains that the corporation's bylaws contain provisions entitling him to mandatory advancement. After trial in this case, for the reasons set forth herein, the court finds that the...

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