Shareholder lawyers who want to collect about $229 million in fees for forcing Tesla board members to surrender nearly $920 million in compensation fired back this week at the company for asserting that they are entitled to no more than $63.5 million.
In a new brief, plaintiffs lawyers from Bleichmar Fonti & Auld, Fields Kupka & Shukurov and McCarter & English told Chancellor Kathaleen McCormick of Delaware Chancery Court that Tesla’s arguments for slashing their fees defy both Delaware precedent and Tesla’s own signature on a settlement stipulation that acknowledges the value of the compensation surrendered by the company’s outside directors.
Source: Tesla shareholder lawyers defend $229 million fee bid in board pay case | Reuters
