Merritt-Chapman & Scott Corp. v. Wolfson
Superior Court of Delaware
321 A.2d 138 (1974)
Wolfson, Gerbert, Kosow, and Staub (plaintiffs) were charged with five counts of violating federal securities laws, in connection with a plan to cause Merritt-Chapman & Scott Corporation (MCS) (defendant) to secretly purchase shares of its own common stock. After a trial and retrials, the charges against Kosow and Staub were dropped. Gerbert was found guilty on count three, and Wolfson entered a no contest plea to count five, and the remaining charges against them were dropped. Wolfson, Gerbert, Kosow, and Staub then sought indemnification from MCS for expenses incurred in the criminal action. All parties now move for summary judgment.
Rule of Law
Holding and Reasoning (Balick, J.)