The legal team responsible for getting Tesla’s directors to return the $700 million is seeking $229 million now.
In July, this group of lawyers asked Tesla, the automobile giant, to return a huge sum of over $700 million that they got as compensation.
The compensation was apparently for overpaying themselves.
Now the lawyers want a huge amount as payment for their own selves.
The lawyers are requesting a judge to approve $229 million in the form of fees for their legal services. It could be as huge as $10,690 an hour. All of this is happening according to the filing from Sept. 8 in the Delaware’s Court of Chancery.
This request for fee award has the potential to be among the largest ever to come from a shareholder lawsuit filed against a board.
The huge sum would go to multiple lawyers from four different law firms. The firms put in effort for years to come up with a case against the compensation. This compensation amount in question was paid to Tesla’s directors from 2017 to 2020.
The legal fee that the lawyers are charging has to get the approval of a Delaware judge. The hearing will take place next month.
The 12 directors are the defendants in the case. James Murdoch and Larry Ellison, among them, had returned a whopping amount of $735 million in the form of compensation.
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