Hedge Fund Appeals Record Fees From Dell’s $1 Billion Settlement

A hedge fund is challenging the $267 million payout to the lawyers who negotiated a historic $1 billion settlement with Dell Technologies Inc. over a controversial 2018 stock conversion.

Pentwater Capital Management LP filed court papers with Delaware’s Chancery Court on Tuesday indicating it had appealed the legal fees that Vice Chancellor J. Travis Laster awarded in July to the attorneys who led the shareholder class action. The fees are the second-most ever handed out in Delaware. The accord itself is the largest stockholder settlement ever reached in any state court.

Although the figure is huge, it’s in line with ...