New York Attorney General Eliot Spitzer is calling on companies to stop paying the legal fees of their executives facing criminal charges, law.com reports.
He appears to be the only state attorney general to be making such a demand.
A review of the 17 agreements that Spitzer struck with companies accused of market timing mutual funds showed that nine of the companies had no-indemnification clauses that prevent them from paying indicted employees’ legal fees unless the bylaws require it.
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