09/21/2023

Lawyers Who Sued Tesla Board for Excess Pay Want $10,000 an Hour

The proposed award is among the largest ever to result from a shareholder lawsuit

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.

If approved, the proposed fee award 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.

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