Twitters legal battle with Mr Musk engaged dozens of lawyers on both sides for months, some charging upwards of $US1000 ($1500) an hour leading Columbia University law professor John Coffee to speculate that total legal fees could have exceeded $US1 billion ($1.5 billion) if the case had gone to trial. <\/p>\n
X Corp claims that by arranging to bill Twitter its hourly rates instead of taking the case on a contingency basis, Wachtell undertook absolutely no risk in obtaining its mammoth success fee. Moreover, the companys agreement with the law firm does not even specify the amount of the success fee, let alone any formula or percentage used to arrive at that figure, according to the complaint. <\/p>\n
The suit also faults lame duck executives at the social media platform who went on a legal spending spree before Mr Musk took control. <\/p>\n
Fully aware that nobody with an economic interest in Twitters financial wellbeing was minding the store, Wachtell arranged to effectively line its pockets with funds from the company cash register while the keys were being handed over to the Musk parties, according to the complaint. <\/p>\n
Bloomberg <\/p>\n
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Musk sues law firm for $135m bill on Twitter deal - The Australian Financial Review<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Twitters legal battle with Mr Musk engaged dozens of lawyers on both sides for months, some charging upwards of $US1000 ($1500) an hour leading Columbia University law professor John Coffee to speculate that total legal fees could have exceeded $US1 billion ($1.5 billion) if the case had gone to trial. X Corp claims that by arranging to bill Twitter its hourly rates instead of taking the case on a contingency basis, Wachtell undertook absolutely no risk in obtaining its mammoth success fee. Moreover, the companys agreement with the law firm does not even specify the amount of the success fee, let alone any formula or percentage used to arrive at that figure, according to the complaint. Continue reading