The Delaware Supreme Court on Wednesday upheld a $266.7 million fee award for counsel representing Dell shareholders, determining the Court of Chancery didn’t abuse its discretion by not ordering a proportionately lower payout on a $1 billion settlement.
The opinion, authored by Chief Justice Collins J. Seitz Jr., states Delaware precedent doesn’t support requiring a declining percentage fee model like the one used in federal courts to calculate fees awarded in securities litigation, noting the court has historically declined to make binding rules about fee awards.