That’s how much money the lawyers who sued the Tesla board for salary excesses want

• Previous total of $735 million
• Now lawyers are demanding fees
• Hourly fees over $10,000 available

Lawyers demand fees

Back in July, Tesla board members agreed to repay $735 million in an out-of-court settlement. The reason was a lawsuit from Tesla shareholder Richard J. Tornetta, who considered Musk’s earnings to be far too high. However, the extraordinary sum should not go to the plaintiffs or shareholders, but rather go back to the company.

Now the four law firms involved are demanding $229 million as a fee for the Tesla process, according to a Reuters article. This results in a total of around $919 million being claimed by the defendants. The fees only make up a quarter of the total, but this is nevertheless the highest fee claim ever made in a shareholder lawsuit against a board, it goes on to say. The lawyers have spent several years building the case against the salary excesses. According to two law firms, the Tesla case took more than 10,000 hours. The other law firms also report several hundred hours. If you now offset the required sum against the hours spent, an hourly fee of around 10,690 US dollars can be assumed, according to an article from the online portal teslamag.de.

The decision will follow in October

Although the out-of-court settlement took place in July, it has yet to be approved. The responsible judge in the state of Delaware is expected to decide this in mid-October. At the same time, a decision will be made as to whether the lawyers will receive the requested sum. However, it is currently expected that the claim will be rejected by the plaintiffs, according to Reuters.

Editorial team finanzen.net

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