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BARRETT v. AMERICAN COUNTRY HOLDINGS, INC.

C.A. No. 3071-VCS.

951 A.2d 735 (2008)

William J. BARRETT, Edwin W. Elder, Martin L. Solomon, and Wilmer J. Thomas, Jr., Plaintiffs, v. AMERICAN COUNTRY HOLDINGS, INC., a Delaware corporation, Defendant.

Court of Chancery of Delaware.

Decided: June 20, 2008.

Attorney(s) appearing for the Case

Matthew E. Fischer, Esquire, Kirsten A. Zeberkiewicz, Esquire, Potter Anderson & Corroon, LLP, Wilmington, DE; Lewis J. Liman, Esquire, Michele Kenney, Esquire, Cleary Gottlieb Steen & Hamilton, LLP, New York City, for Plaintiffs.

Kevin F. Brady, Esquire, Jeremy D. Anderson, Esquire, Connolly Bove Lodge & Hutz, LLP, Wilmington, DE; Harold J. Ruvoldt, Jr., Esquire, Cathy Fleming, Esquire, Nixon Peabody, LLP, New York City, for Defendant.

OPINION

STRINE, Vice Chancellor.

A corporation has accused its former directors of engaging in intentional fraud in their official capacities. The former directors have a clear right to have their fees advanced to defend themselves against those charges. To date, however, a directors and officers' ("D & O") insurance policy has covered their fees, but the former directors brought this suit because the policy limits were nearly exhausted.

The...

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