Technology,
Litigation & Arbitration
Jul. 10, 2023
Twitter says Wachtell must return $90 million in legal fees
“Because Wachtell aided and abetted the breaches of fiduciary duty by Twitter’s former officers and directors, Plaintiff is entitled to the equitable remedies of unjust enrichment and disgorgement of excess fees paid to Watchell in connection with the Closing Day Letter Agreement,” the complaint states.
Twitter Inc.’s parent company, X Corp., is demanding that a leading mergers and acquisitions firm — Wachtell, Lipton, Rosen & Katz — return $90 million in legal fees accrued by the company’s previous leadership team who allegedly “ran up the tab” before Elon Musk’s $44 billion acquisition of the social media platform in October 2022.
The complaint, filed by Marc Dworsky and William T. Reid IV of Reid Collins & Tsai LLP in San Franc...
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