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"New York AG Presses Companies to Stop Paying Indicted Employees' Legal Bills"



"In an apparent first among state AGs, New York's Eliot Spitzer is pressing companies to stop paying the legal fees of employees facing criminal charges. Most of Spitzer's targets are financial institutions swept up in his probe of mutual funds. Corporate Counsel's review of 17 agreements that Spitzer's office struck with companies accused of market timing shows that nine included 'no indemnification' clauses, which ban payment of indicted employees' legal fees unless required under company bylaws." (David Hechler, Corporate Counsel/Law.com, Nov. 2).

 

 


Rafael Mangual
Project Manager,
Legal Policy
rmangual@manhattan-institute.org

Katherine Lazarski
Manhattan Institute
klazarski@manhattan-institute.org

 

Published by the Manhattan Institute

The Manhattan Insitute's Center for Legal Policy.