Judge Approves $120M In “Old GM” Bankruptcy Legal Fees
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A New York federal bankruptcy judge has approved $120 million in legal fees involved in “old GM’s” bankruptcy case. All of that cash will go towards paying lawyers and consultants from different firms involved with the case.
Anybody who has ever had to deal with lawyers already knows that their services are not cheap. Regardless, some lawyers found their time so valuable that they hiked their hourly rates by as much as 20 percent during the bankruptcy case, some charging between $355 and $695 an hour. Two years and a couple dozen lawyers later, and the next thing Motors Liquidation Corp. knows is that it probably helped a few people enter retirement early.
Source: The Detroit News
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This is why I don’t like lawyers they take all your money to keep you out of trouble or they take all your money after they get you in trouble they win both ways lol
Yeah, the legal system today is a far cry from what was intended by the Founding Fathers. Today, one needs some serious cash to defend themselves or pursue another party. One thing is for sure, though: the lawyers will get their cut either way.