VCG
Three law firms have asked a U.S. court in Delaware to award them with Tesla (NASDAQ:TSLA) stock worth nearly $6B as their fee for successfully getting Elon Musk’s $55B pay package nullified.
On January 30, Delaware Chancery Court Chief Judge Kathaleen McCormick voided a 2018 performance-based stock option grant worth $55B due to Musk after a shareholder lawsuit claimed that the package was unduly approved.
That shareholder lawsuit was filed by former heavy metal drummer Richard Tornetta on behalf of his fellow Tesla (TSLA) investors.
The three law firms are New York-based Bernstein, Litowitz, Berger & Grossmann and Friedman Oster & Tejtel and Wilmington, Del.-based Andrews & Springer.
“After extensive motion practice, searching discovery and a full trial on the merits, followed by briefing, oral argument and supplemental briefing, Plaintiff won complete recission of the largest pay package ever issued,” the firms said in a
