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Delaware Court Upholds $267M Fee For Dell Shareholders: Report

Dell Technologies Inc. (NYSE:DELL) shares are trading higher premarket Thursday. On Wednesday, the Delaware Supreme Court ruled that five law firms should receive $267 million in legal fees for securing a $1 billion settlement for Dell Technologies shareholders. The court dismissed arguments that the payment was excessive. The recent ruling includes language that could potentially impact Tesla’s efforts to contest similar fees, reported Reuters. In the Dell case, plaintiffs alleged that shareholders were short-changed in the $23.9 billion 2018 transaction that marked Dell’s return to the public market. The settlement, announced in November 2022, averted a trial set for the following month. The fee in the Dell case is the second largest in Delaware and would rank fifth largest in federal securities litigation, according to data from Stanford Law School cited in Pentwater’s court ...