Attorneys representing investors who challenged the merger between Discovery Inc. and AT&T Inc.’s WarnerMedia unit have now filed for $24.5 million in legal fees. This follows their successful negotiation of a $125 million settlement. The fee request, which amounts to 19.6% of the total settlement, aligns with precedents set by the Delaware Chancery Court, according to the brief filed by the attorneys on Wednesday.
The legal team, comprising attorneys from Labaton Keller Sucharow, Bernstein Litowitz, Kessler Topaz, and Klausner Kaufman, highlighted that they undertook a significant amount of complex legal work to frame the case adequately and survive a motion to dismiss. They noted that the defendants did not even attempt to dismiss the case, indicating the strength of the arguments presented.
The context of this fee request fits within broader legal precedents, where courts have recognized the necessity of compensating attorneys for high-caliber work performed in intricate legal disputes. The requested fees are considered reasonable given the successful outcome and the complexities involved in the case.