{"id":133267,"date":"2024-12-04T16:48:46","date_gmt":"2024-12-04T09:48:46","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=133267"},"modified":"2024-12-04T16:48:46","modified_gmt":"2024-12-04T09:48:46","slug":"the-lawyers-who-took-on-tesla-and-elon-musk-wanted-5-6-billion-for-winning-the-case-in-a-lawsuit-about-excessive-pay-that-was-a-bold-ask-said-the-judge","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=133267","title":{"rendered":"The lawyers who took on Tesla and Elon Musk wanted $5.6 billion for winning the case. In a lawsuit about excessive pay, \u2018That was a bold ask,\u2019 said the judge.\u00a0"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div data-cy=\"article-content\">\n<p><a href=\"https:\/\/fortune.com\/2024\/12\/02\/elon-musk-tesla-stock-tsla-pay-package-delaware-judge-shareholders\/#:~:text=The%20package%20was%20worth%20%24101.5,it%20stands%20up%20on%20appeal.\" target=\"_self\" class=\"sc-93594058-0 fowfrQ  \" aria-label=\"Go to https:\/\/fortune.com\/2024\/12\/02\/elon-musk-tesla-stock-tsla-pay-package-delaware-judge-shareholders\/#:~:text=The%20package%20was%20worth%20%24101.5,it%20stands%20up%20on%20appeal.\" rel=\"noopener\">A Delaware court judge<\/a> this week denied <a href=\"https:\/\/fortune.com\/company\/tesla\/\" target=\"_blank\" class=\"sc-93594058-0 fowfrQ  \" aria-label=\"Go to https:\/\/fortune.com\/company\/tesla\/\" rel=\"noopener\">Tesla<\/a> CEO Elon Musk\u2019s bid to reinstate his pay package, now valued at $100 billion.\u00a0<\/p>\n<div class=\"paywall\">\n<p>But there was another denial issued: The lawyers who successfully argued that Musk\u2019s pay was illegal and should be rescinded wanted $5.6 billion for their efforts. The judge didn\u2019t quite bite.\u00a0\u00a0<\/p>\n<p>However, they <a href=\"https:\/\/fortune.com\/2024\/12\/03\/elon-musk-tesla-delaware-court-ceo-pay-appeal-mccormick-denholm\/\" target=\"_self\" class=\"sc-93594058-0 fowfrQ  \" aria-label=\"Go to https:\/\/fortune.com\/2024\/12\/03\/elon-musk-tesla-delaware-court-ceo-pay-appeal-mccormick-denholm\/\" rel=\"noopener\">fared slightly better than Musk<\/a>. Delaware Chancellor Kathaleen <a href=\"https:\/\/fortune.com\/company\/mccormick\/\" target=\"_blank\" class=\"sc-93594058-0 fowfrQ  \" aria-label=\"Go to https:\/\/fortune.com\/company\/mccormick\/\" rel=\"noopener\">McCormick<\/a> awarded plaintiffs attorneys from three law firms $345 million in cash or Tesla shares, down from the $5.6 billion the law firm initially sought for bringing the successful challenge. The three firms include Bernstein Litowitz Berger &amp; Grossman LLP; Andrews &amp; Springer LLC; and Friedman Oster &amp; Tejtel PLLC.\u00a0<\/p>\n<p>In a statement, Bernstein Litowitz Berger &amp; Grossman said they were pleased with the ruling and the attorneys\u2019 fee resolution. \u201cWe hope that the Chancellor\u2019s well-reasoned decision will end this matter for the shareholders of Tesla.\u00a0\u00a0However, if defendants choose to further delay implementation of this judgment by appealing it, we look forward to\u00a0the privilege of\u00a0defending the Court\u2019s thoughtful and well-grounded opinions\u00a0on appeal to the Delaware Supreme Court.\u201d<\/p>\n<p>In granting the fee petition in part, McCormick wrote that the methodology used by the firms was \u201csound.\u201d But applying a percentage of the value achieved in rescission of a $55.8 billion compensation package results in \u201can eye-popping figure,\u201d McCormick wrote. Lawyers for Tesla had argued for $54.5 million.\u00a0\u00a0<\/p>\n<p>\u201cThe fee award here must yield in this way, because $5.6 billion is a windfall no matter the methodology used to justify it,\u201d she wrote.\u00a0<\/p>\n<p>In calculating the fees for the plaintiff\u2019s counsel, McCormick noted that their time and efforts were substantial. Lawyers logged 19,499.95 hours, conducted an investigation, document <a href=\"https:\/\/fortune.com\/company\/discovery-insurance\/\" target=\"_blank\" class=\"sc-93594058-0 fowfrQ  \" aria-label=\"Go to https:\/\/fortune.com\/company\/discovery-insurance\/\" rel=\"noopener\">discovery<\/a>, and took 17 depositions, among other work. \u201cPlaintiff faced some of the best law firms in the country, who put Plaintiff through their paces,\u201d wrote McCormick. They also faced a \u201cmassive contingency risk.\u201d<\/p>\n<p>The reward represents a 25.3 multiplier of the hours the lawyers worked, she wrote.<\/p>\n<p>\u201cPlaintiff\u2019s counsel\u2019s standing and ability support the fee,\u201d McCormick said in her opinion. \u201cThey are experienced stockholder advocates who have secured some of the largest recoveries in the court\u2019s history and successfully taken high-stakes cases through trial and appeal.\u201d\u00a0\u00a0<\/p>\n<\/div>\n<div class=\"sc-30bdb254-0 kxagCu article\" data-cy=\"subscriptionPlea\"><b>How many degrees of separation are you from the globe&#8217;s most powerful business leaders? <\/b>Explore who made our brand-new list of the <a href=\"https:\/\/fortune.com\/ranking\/most-powerful-people\/?&amp;itm_source=fortune&amp;itm_medium=article_tout\" target=\"_self\" class=\"sc-93594058-0 fowfrQ  \" aria-label=\"Go to https:\/\/fortune.com\/ranking\/most-powerful-people\/?&amp;itm_source=fortune&amp;itm_medium=article_tout\" rel=\"noopener\">100 Most Powerful People in Business<\/a>. Plus, learn about the metrics we used to make it.<\/div>\n<\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/fortune.com\/2024\/12\/04\/lawyers-tesla-elon-musk-payout-stock\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Delaware court judge this week denied Tesla CEO Elon Musk\u2019s bid to reinstate his pay package, now valued at $100 billion.\u00a0 But there was another denial issued: The lawyers &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=133267\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-133267","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/133267","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=133267"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/133267\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=133267"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=133267"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=133267"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}