Lawyers who sued Tesla board for excess pay want US$10,000 an hour

Tesla vehicles line a parking lot at the company's Fremont, Calif., factory as Israeli Prime Minister Benjamin Netanyahu visits the facility on Monday, Sept. 18, 2023. A legal team that forced Tesla's directors to agree in July to return more than US$700 million in compensation to the automaker for allegedly overpaying themselves are now seeking a huge payday of their own.

The legal fee and the settlement must be approved by a Delaware judge at a hearing scheduled for October. The law firms estimate the total settlement value at US$919 million and are seeking 25 per cent of that as fee. They are also seeking about US$1 million in expenses. George Bauer of the Bleichmar firm declined to comment and attorneys from the other firms did not immediately respond to a request for comment.

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Lawyers who sued Tesla board for excess pay want $10,000 an hourA 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 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.
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Lawyers who sued Tesla board for excess pay want $10,000 an hourBy Tom Hals WILMINGTON, Delaware (Reuters) - A legal team that forced Tesla's directors to agree in July to return more than $700 million in ...
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