After sinking Elon Musk's $55 billion pay package, lawyers are now asking a Delaware court for about 11% of those Tesla shares for their fee.

Lawyers who sunk Elon Musk’s big pay package are now asking for nearly $6 billion worth of Tesla stock. Musk doesn’t seem happy.::After sinking Elon Musk’s $55 billion pay package, lawyers are now asking a Delaware court for about 11% of those Tesla shares for their fee.

  • Corngood@lemmy.mlEnglish
    0·
    10 months ago

    According to the Journal, plaintiff attorneys usually get one-third of a verdict or settlement amount.

    This isn’t a an amount awarded in a verdict though, is it?

    Plaintiff’s Counsel have not been paid for their work, nor have any of their costs or expenses been reimbursed, and litigating this Action required the allocation of a substantial amount of Plaintiff’s Counsel’s time and resources over six years, including considerable out-of-pocket expenses,

    So that’s roughly 100 lawyers working full time for 6 years at $5k per hour. Seems legit.

    In any case this is hilarious and exactly the kind of thing Elon would try.

    • conciselyverbose@sh.itjust.worksEnglish
      0·
      10 months ago

      This isn’t a an amount awarded in a verdict though, is it?

      It’s the amount that was at stake and changed hands as a result of the case. Having it be the amount their fee was based on is pretty normal.

    • Sanctus@lemmy.worldEnglish
      0·
      10 months ago

      As long as it upsets Musk they can have 11%, hell they worked so hard give 'em 20%

      • stoly@lemmy.worldEnglish
        0·
        10 months ago

        Better: shareholders will notice that their latest dividend could have been larger.