The Delaware Supreme Court has upheld a substantial legal fee award of $267 million for five law firms that secured a $1 billion settlement for Dell Technologies shareholders. This decision confirms the Chancery Court's discretion in setting fee percentages in significant shareholder litigation cases. The fee, representing approximately 27% of the settlement, is one of the largest ever awarded in U.S. shareholder litigation. The ruling may provide guidance for other high-profile cases, such as the ongoing Tesla litigation, regarding legal fee structures.
Delaware Chancery Court Finds a ~27% Founding Stockholder Is Not a Controller https://t.co/yqCnFXbBHG | by @Cadwalader
With Dell decision, Delaware justices reconfirm Chancery judges’ discretion over megafees https://t.co/kllQGUuMwM https://t.co/3L44IbtEeQ
The justices of Delaware’s Supreme Court trust their lower-court colleagues to do the right thing when it comes to fee awards in giant shareholder cases, writes @AlisonFrankel in her column: https://t.co/Wqqmn3pH2j https://t.co/k0vwOv4DDj