By Tom Hals
WILMINGTON, Delaware (Reuters) – A legal team that forced Tesla’s directors to agree in July to return more than $700 million in compensation to the automaker for allegedly overpaying themselves are now seeking a huge payday of their own.
The lawyers want a judge to approve $229 million in fees, or $10,690 an hour, according to a Sept. 8 filing in Delaware’s Court of Chancery.
The proposed fee award, if approved, would be among the largest ever to result from a shareholder lawsuit filed against a board. The sum would be distributed among lawyers from four firms that spent several years building a case against the compensation paid to Tesla’s directors from 2017 to 2020.
The legal fee and the settlement must be approved by a Delaware judge at a hearing scheduled for October.
The 12 director defendants, including James Murdoch and Larry Ellison, agreed to return $735 million in compensation, forego another potential $184 million and overhaul the way the board determines…
2023-09-20 15:59:52
Original from finance.yahoo.com
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