The Delaware Court of Chancery has reduced the $3 million in attorney fees and expenses it initially awarded to plaintiffs counsel in a dispute between a commercial real estate investment fund and a property management company to about $743,000. The court revised the award after the Delaware Supreme Court ruled that the plaintiff in the case could not have its attorney fees reimbursed because it incurred no expenses after the lawyers declined to charge a fee in order to avoid any potential malpractice claim.
Vice Chancellor J. Travis Laster issued the decision Monday in ASB Allegiance Real Estate Fund v. Scion Breckenridge Managing Member LLC.
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