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News on Medial
Court upholds $267 million legal fee award in Dell lawsuit
Economic Times
·
1y ago
Medial
Five law firms are set to receive $267 million in legal fees for securing a $1 billion settlement for Dell Technologies shareholders, as ruled by the Delaware Supreme Court. The court dismissed claims that the payment was excessive and suggested it may be helpful in Tesla's efforts to contest similar fees. The settlement resolved allegations of shareholders being disadvantaged in Dell's $23.9 billion transaction in 2018. The fee awarded falls within Delaware legal precedent but is higher than those typically seen in federal securities litigation. The ruling highlights the incentive for lawyers to take on challenging cases, and the potential issue of excessive fee awards.
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Lawyers who sued Tesla for overpaying want $10,690/hr; Musk reacts
Reuters
·
1y ago
Medial
A legal team that successfully sued Tesla's directors for overpaying themselves is now seeking approval for $229 million in fees, equating to $10,690 per hour, according to a court filing. If approved, it would be one of the largest fee awards resulting from a shareholder lawsuit against a board. The fees would be divided among four law firms involved in the case. In July, the directors agreed to return more than $700 million in compensation to Tesla. The proposed fee and settlement must be approved by a Delaware judge at an October hearing.
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Qatar Investment Authority moves Karnataka HC to enforce $235 million award against Byju Raveendran - The Economic Times
Economic Times
·
4d ago
Medial
Qatar Investment Authority has petitioned the Karnataka High Court to enforce a $235 million arbitral award against Byju's founder, Byju Raveendran. The claim includes a 4% annual interest, with an accumulated $14 million. In 2022, Qatar Holding lent $150 million to Byju's Investments Pte Ltd, guaranteed by Raveendran, partly financing shares in Aakash Educational Services. Despite restrictions, shares were transferred to another entity, triggering legal actions and arbitration in Singapore.
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US lenders’ consortium files lawsuit against Byju’s founder, others
Economic Times
·
4m ago
Medial
A consortium of U.S. lenders has filed a lawsuit against Byju’s founder, Byju Raveendran, his wife Divya Gokulnath, and adviser Anita Kishore, for allegedly misappropriating $533 million from a $1.2 billion loan. The lawsuit follows a Delaware Bankruptcy Court ruling confirming fraudulent activities. The lenders seek damages for breach of fiduciary duties and other claims, and are also pursuing legal action in India. Byju's has not commented on the lawsuit.
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Tesla investors to urge judge to reject record $7 billion legal fee in Elon Musk pay case
Economic Times
·
1y ago
Medial
Tesla shareholders are set to appear in court to challenge a request for over $7 billion in attorneys' fees to be paid by the company. The fee request was submitted by investor Richard Tornetta, representing three law firms, over a legal battle regarding Elon Musk's $56 billion pay package, which was ultimately voided. The fee amounts to approximately $370,000 per hour worked by the legal team. Shareholders and other individuals have raised objections, arguing that the requested fees are disproportionate. The case is now awaiting a ruling from the court.
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Code.org sues BYJU’S subsidiary WhiteHat Jr in the US over pending licence fees
Inc42
·
1y ago
Medial
Code.org, a non-profit organization, has filed a lawsuit against WhiteHat Jr, a subsidiary of BYJU'S, in the California district court. The lawsuit claims that WhiteHat Jr violated a licensing contract by not paying the required fees while still using Code.org's platform. WhiteHat Jr had entered into a partnership with Code.org in 2022, agreeing to pay $4 million over a four-year period for licensing the coding education platform. Code.org alleges that WhiteHat Jr failed to adhere to the payment schedule and is seeking the outstanding license fee payments.
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US Supreme Court upholds law banning TikTok
Economic Times
·
7m ago
Medial
The US Supreme Court upheld a law banning TikTok, affecting 170 million users, citing national security concerns over Chinese ownership. Despite arguments from TikTok's owner, ByteDance, claiming a violation of free speech, the court prioritized security worries over data collection. Congress mandated ByteDance to sell or shut the app by January 19, fearing espionage. The ban will proceed, with debates ongoing over potential delays and attempts to find a US buyer to protect user data.
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AI can't substitute human intelligence in adjudication: Delhi HC
Economic Times
·
2y ago
Medial
The Delhi High Court has ruled that artificial intelligence (AI) cannot replace human intelligence or the humane element in the legal adjudication process. The court stated that tools like ChatGPT cannot be the basis for deciding legal or factual matters in court. It emphasized that AI-generated data's accuracy and reliability are still uncertain, and AI can be used only for preliminary understanding or research. The court made these observations while addressing a lawsuit involving Christian Louboutin and a trademark violation case. The court ultimately ruled in favor of the plaintiff and imposed damages on the defendant.
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US Supreme Court hears Nvidia bid to avoid securities fraud suit
Livemint
·
9m ago
Medial
The U.S. Supreme Court is considering Nvidia's argument to dismiss a securities fraud lawsuit accusing the company of misleading investors about its sales dependence on the cryptocurrency market. The lawsuit alleges that Nvidia and its CEO made statements in 2017 and 2018 downplaying the extent to which the company's revenue growth was related to crypto-related purchases. The court will determine if the plaintiffs meet the legal bar set by the Private Securities Litigation Reform Act of 1995. The ruling could impact the ability of private litigants to hold companies accountable for securities fraud.
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Victims of WazirX hack plan class action in India after Singapore moratorium
Livemint
·
10m ago
Medial
Users affected by the recent $233 million hack of cryptocurrency exchange WazirX are planning to sue the platform for damages. Two petitions have already been filed in the Delhi High Court, and a class-action lawsuit is expected to be filed in the National Consumer Disputes Redressal Commission (NCDRC) by mid-November. The lawsuit will argue that WazirX's agreement was with its India-based holding arm, and the exchange's move to file for legal resolution and restructuring in Singapore through its parent firm is unjustifiable. The suit aims to seek the recovery of crypto assets worth over ₹5 crore ($600,000).
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Meta challenges EU's Digital Services Act supervisory fee as unfair
Startup News FYI
·
1y ago
Medial
Social media giant Meta is challenging the European Union's supervisory fee under the Digital Services Act (DSA). The DSA allows the EU to charge very large online platforms to fund oversight of their businesses. Meta argues that the fee calculation mechanism is unfair, as companies that report a loss are exempt from paying, even if they have a large user base. The EU defends its methodology, stating that the fee should be proportionate to a provider's economic capacity. Meta's legal challenge is being brought to the EU's General Court.
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