Plenum of Higher Arbitrazh Court clarifies certain issues of D&O liability
On 20 August 2013, the Higher Arbitrazh Court of the Russian Federation (VAS) published Plenum Ruling No. 62 of the Higher Arbitrazh Court dated 30 July 2013 on Certain Issues Related to Indemnification by Persons who are Members of Corporate Bodies on its official website.
The ruling provided the arbitrazh courts with clarifications on a wide range of issues arising in court practice when hearing cases on recovery of losses incurred by a legal entity through the actions of persons who are or were members of its corporate bodies (directors).
Not only did this VAS ruling summarise legal positions already articulated in court practice, it also introduced a whole range of new issues that could have a significant impact on the development of court practice related to directors’ and officers’ liability for losses incurred by a legal entity through their actions…
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