High Court judge criticises 'extremely high' Weil Gotshal fees for work on BlackRock dispute

Lord Justice Leggatt questions hourly rates of as much as £946 charged by US firm's lawyers

A High Court judge has criticised the “extremely high” hourly rates charged by Weil Gotshal & Manges after the firm’s client, BlackRock, claimed costs of almost £1.5m in a dispute with Middle Eastern energy company Dana Gas.

The dispute, which centred around the validity of $700m in Islamic bonds in which BlackRock was an investor, saw the asset management firm emerge as the successful party, with Dana ordered to pay its costs.

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