Lawyers Seek Record $6 Billion Fee in Tesla Lawsuit Over Musk's Pay
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Attorneys who won the case against Elon Musk's $56B Tesla pay package are demanding nearly $6B in fees to be paid in Tesla stock. This would set a new record for attorney fees.
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Musk slammed the fee request as "criminal" and said the lawyers "did nothing but damage Tesla".
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The case challenged Musk's pay package as excessive and claimed he controlled the approval process. The judge ruled in favor of the shareholders.
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Lawyers argue Tesla should pay the fee because invalidating Musk's pay package benefited the company by returning 266 million shares.
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If granted, the $6B fee would translate to lawyers being paid $288,888 per hour. The previous record attorney fee award was $688 million in the Enron case.