Whopper $267 million fee award in $1 billion Dell case shows why Delaware is different
Details
- Publish Date:
- August 1, 2023
- Author(s):
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- Frankel, Alison
- Source:
- Reuters
- Related Person(s):
- Related Organization(s):
Summary
Stanford’s Grundfest pointed out that in the Americas Mining case that Laster cited throughout his Dell decision, the Delaware Supreme Court approved a fee award of just 15% of the class recovery — and shareholders in that case litigated through trial and appeal. A dissenting justice in that decision, Grundfest said, criticized Chancery Court for basing the fee award on “its own world views on incentives, bankers’ compensation and envy.” Laster, Grundfest said, may well see those same words in the objectors’ appeal in Dell.