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Business Associations Keyed to Coffee, 9th Ed.
Waltuch v. Conticommodity Services, Inc.
Citation:
88 F.3d 87 (1996)Facts
Norton Waltuch served as vice-president and chief metals trader for Conticommodity Services, Inc., trading silver for clients and for his own account. Following a silver market crash in 1980, numerous lawsuits were filed against Waltuch and Conticommodity between 1981 and 1985, alleging fraud, market manipulation, and antitrust violations. All suits were eventually settled and dismissed with prejudice. Conticommodity paid over $35 million to the plaintiffs, while Waltuch was dismissed without making any payment. Waltuch incurred approximately $1.2 million in unreimbursed legal expenses defending these private lawsuits. Additionally, Waltuch was the subject of a CFTC enforcement proceeding charging him with fraud and market manipulation, which was settled with Waltuch agreeing to a $100,000 fine and a six-month trading ban. He spent $1 million in unreimbursed legal fees defending the CFTC proceeding. Waltuch sought indemnification from Conti under Article Ninth of Conticommodity’s articles of incorporation, which provided for indemnification without any explicit “good faith” requirement, and under § 145(c) of Delaware’s General Corporation Law.
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