A lawyer for Tesla says the request is a 'joke' and that the lawyers should be paid as little as $13.6 million
The three firms representing Tesla shareholder Richard Tornetta want to be paid 29 million Tesla shares. Some 37 lawyers, associates, and paralegals worked on the case on contingency for more than five years. The case is being overseen by Chancellor Kathaleen McCormick, the same judge that voided Musk's compensation package. Lawyers aren’t cheap, and many are known for charging exorbitant hourly fees for their services.
They claim that their work resulted in shares being returned to investors, which would otherwise have gone to Musk and diluted stock held by other investors. The lawyers are asking to be paid with 29 million Tesla shares, valued at more than $7 billion at current rates. Tornetta’s lawyers and those representing Elon Musk appeared in a Delaware court earlier this week to present their cases.
Elon Musk Industry Lawsuit Tesla
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