Tesla board settlement lawyers want $10690 per hour in payout

The Tesla board settlement that occurred earlier this year saw the directors of the company return more than $700 million for allegedly overpaying themselves.

Now, the lawyers who helped make that happen are looking for a payout of their own, and it would result in $10,690 per hour for each of them.

The lawyers are now requesting that the Delaware Court of Chancery judge overseeing the case, Kathaleen McCormick, approve a $229 million payout that would be the largest ever result from a shareholder lawsuit filed against the board.

A hearing has been scheduled for October and will not be paid out if and until McCormick approves the settlement.

Lawyers from several firms worked on the case for more than 10,000 hours between 2017 and 2020, according to a report from Reuters. Additionally, two other firms, one from Wilmington, Delaware, and another from Lansing, Michigan, also billed “hundreds of hours.”

Tesla directors have not currently objected to the fee, but they are expected to do so. They have until Friday to do so.

Delaware courts have approved higher hourly rates in the past, including one $304 million fee that worked out to roughly $35,000 an hour.

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