The Delaware Supreme Court has reversed the Court of Chancery’s decision to award $3 million in attorney fees to plaintiffs counsel in a dispute between a commercial real estate investment fund and a property management company, holding there can be no reimbursement of attorney fees to a plaintiff that incurred no expenses because its lawyers had declined to charge a fee in order to avoid any potential malpractice claim.
The five justices were unanimous in reversing Vice Chancellor J. Travis Laster on the issue of attorney fees. But the high court did affirm Laster’s decision to reform a provision in a series of agreements between the two parties in order to correct a drafting error. The justices also remanded the case to the Court of Chancery.
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