Cravath, Swaine & Moore attorneys are entitled to a nearly $75 million shifted contingency fee, Vice Chancellor Sam Glasscock III of the Delaware Court of Chancery decided Thursday.
Glasscock found Cravath is entitled to 15% of the $410 million its client, The Williams Companies Inc., was awarded last year in a case over a busted deal. He also decided that prejudgment interest should be compounded quarterly and not tolled. Morris, Nichols, Arsht & Tunnell also represented Williams throughout the case.
“We are pleased with the court’s decisions awarding Williams a $410 million termination fee for ETE’s material breach of contract, together with compound interest and reasonable attorneys’ fees and expenses,” Cravath partner Antony L. Ryan said. “The interest and fee awards make Williams whole by putting it in the position it would have been in if (Energy Transfer) had paid the termination fee in June 2016, as the parties contracted.”
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