SAN FRANCISCO — Jaws dropped in 2011 when the Delaware Court of Chancery granted plaintiffs lawyers a record-breaking $300 million in fees for their work on a shareholder derivative suit over an M&A deal by Southern Peru Copper Corp., the world’s largest publicly traded copper-mining company.
The fees stemmed from a whopping $2 billion judgment—an outsized recovery in an area where settlements often include corporate governance reforms but no cash, and attorney fees tend to be modest. Here, plaintiffs lawyers from Kessler Topaz Meltzer & Check and Prickett, Jones & Elliott, hit a bonanza that amounted to a breathtaking $35,000 an hour.
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