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Lawyers who voided Elon Musk's pay as excessive want $6 billion fee (www.reuters.com)

submitted 10 months ago by oleorun to c/weirdnews

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[–] [email protected] 18 points 10 months ago (1 children)

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The fee works out to an hourly rate of $288,888, according to the court filing.

What possible justification leads to $288,888 per hour lol

[–] [email protected] 17 points 10 months ago* (last edited 10 months ago)

The story notes recent sentiment of the Delaware Chancery Court regarding awards to legal teams taking on corporate abuse. Which sounds great. They're rewarding lawyers for taking risky cases against big corporate legal teams. With lawyers for the plaintiffs commonly being approved to receive 20-30% of the damages paid out.

None of that sounds off. It's just that this Tesla case involves a $56B dispute. The lawyers asked for a more standard 11% too. 11% of such a large amount means $6B.

Seems broken for sure for this case. But also I get the intent of the court here. Court will probably say hell no. But the lawyers shot their shot based off other recent settlements.