The legal fee represents a cut of the value that the plaintiff’s lawyers say was created for Tesla by a Delaware judge’s January ruling that rescinded Musk’s $56-billion pay package.
The Musk case took a dramatic turn when Tesla shareholders in June voted to ratify Musk’s pay, which Tesla has argued corrected the flaws in the 2018 process that McCormick identified in her ruling.
The company argues that Musk’s pay package has been restored and that Tornetta’s legal victory has been transformed into a loss.
McCormick may take weeks or months to rule on the legal fee.
The Delaware Supreme Court is considering a $267 million fee request in a shareholder class action involving Dell Technologies and that decision could provide fee guidance.
Persons:
Elon Musk’s, Richard Tornetta, Tornetta, John Reed, ”, Chancellor Kathaleen McCormick, Bernstein Litowitz Berger, Grossmann, Greg Varallo, Tesla, Varallo, ” Varallo, Reed, McCormick
Organizations:
Delaware CNN, Tesla, Musk’s, Enron, Stanford Law School, Delaware Supreme, Dell Technologies
Locations:
Wilmington, Delaware