Delaware Judge Defends Moelis Order Behind Corporate Law Update

Lawyers who secured a first-of-its-kind decision against billionaire Kenneth Moelis, prompting backlash from the state bar and swift changes to Delaware corporate law, deserve to take home $6 million in fees, a Delaware Chancery Court judge ruled Thursday.

Attorneys for a pension fund argued a new Delaware law targeting Vice Chancellor J. Travis Laster’s Feb. 23 decision — which invalidated most of an agreement between Moelis and the investment bank he founded — shouldn’t cut into their payday. Laster agreed, saying their $6 million fee award application was consistent with precedent and reasonable considering the challenges they can expect to ...