November 12, 2014
On August 9, the New York Law Journal featured a report on the decision by the Appellate Division First Department modifying a lower court's decision by requiring four New York limited liability companies to indemnify their former Managers for the full amount of attorneys' fees awarded by a Special Referee. The appeals court was divided on the novel issue of whether the LLCs should also have been required to pay the fees incurred by the former Managers in successfully vindicating their indemnification rights. The case was ultimately settled on terms favorable to Schlam Stone & Dolan's clients.
Coverage of the case can be found here: