Chancery Court reduces attorney’s fees granted to plaintiff in derivative action based on the quality of the disclosures

In re Saur-Danfoss Inc. S’holders Litig., C.A. No. 5162-VCL (Del. Ch. May 3, 2011)
Minority stockholders sought $750,000 in attorney’s fees where their negotiation and subsequent litigation caused a controlling stockholder to make certain disclosures and eventually withdraw its tender offer. The Court, evaluating the qualitative importance of the disclosures obtained, awarded $75,000 in fees, refusing to award fees related to pre-litigation disclosures and substantially reducing the fees awarded based on the quality of the disclosures.