02:46 PM EDT, 06/07/2024 (MT Newswires) -- Tesla (TSLA) wants to pay as little as $13.6 million to the legal team that got Chief Executive Elon Musk's $56 billion pay package voided, against a $5.6 billion legal fee they requested, Reuters reported Friday, citing court documents.

Shareholder Richard Tornetta's legal team, which includes Bernstein Litowitz Berger & Grossmann, Friedman Oster & Tejtel and Andrews & Springer, requested Chancellor Kathaleen McCormick to order the company to pay 29 million Tesla shares, according to the report.

The plaintiff provided little to no value to the company or its shareholders and if the shareholders vote to ratify the voided pay package, the lawsuit helped only by informing investors about the flawed negotiation process. This will allow correction with a new vote, Tesla reportedly said in the filing with the Delaware Court of Chancery.

Tesla's shareholder Amy Steffens has filed a formal objection to the legal fee request, the report added.

Tesla and the legal teams did not immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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