Friday, October 20, 2023

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

As the kids say, "Irony can be so ironic."

From Canada's CTV, September 21:

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 lawyers want a judge to approve US$229 million in fees, or US$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....

....MUCH MORE

HT: thanks to a friend who sounded a bit envious.