Tesla Balks at $919 Million Board Pay Deal’s Hefty Lawyer Fee

Attorneys for Tesla Inc. asked a Delaware judge to substantially slash the legal fees sought by lawyers representing investors in a proposed $919 million settlement over board pay at the electric-vehicle maker.

The deal would require Tesla’s board—including CEO Elon Musk—to return stock options worth up to $735 million and forgo three years of pay worth $184 million to settle a lawsuit accusing the directors of improperly giving themselves massive compensation packages in 2017 and 2018.

Attorneys for the investors’ law firms seek $230 million in fees. That breaks down to a rate exceeding $10,000 an hour. ...