Tesla Shareholders Contest $7.2 Billion Legal Fee in Musk Pay Case on Monday

Jul 8, 2024, 01:29 PM

Tesla shareholders are set to appear in court on Monday to contest an unprecedented request for over $7.2 billion in attorneys' fees related to the legal battle over Elon Musk's $56 billion pay package. The fee, sought by investor Richard Tornetta's legal team, amounts to $370,000 per hour worked, which the shareholders deem 'outlandish.' The case, presided over by Delaware Chancery Court Judge Kathaleen St. J. McCormick, has already seen Musk's pay package voided. Tesla argues that the case conveyed no benefit to the company. The lawyers normally bill at $275 an hour.