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Judge wants to hear from Zuckerberg on shareholder suit fees

July 27, 2018 GMT
FILE - In this April 11, 2018, file photo, Facebook CEO Mark Zuckerberg testifies before a House Energy and Commerce hearing on Capitol Hill in Washington about the use of Facebook data to target American voters in the 2016 election and data privacy. A Delaware judge says he wants to hear from Zuckerberg before ruling on attorney fees in a shareholder suit challenging a proposed stock reclassification. (AP Photo/Andrew Harnik, File)
FILE - In this April 11, 2018, file photo, Facebook CEO Mark Zuckerberg testifies before a House Energy and Commerce hearing on Capitol Hill in Washington about the use of Facebook data to target American voters in the 2016 election and data privacy. A Delaware judge says he wants to hear from Zuckerberg before ruling on attorney fees in a shareholder suit challenging a proposed stock reclassification. (AP Photo/Andrew Harnik, File)

DOVER, Del. (AP) — A Delaware judge says he wants to hear from Facebook founder Mark Zuckerberg before ruling on attorney fees in a shareholder suit challenging a proposed stock reclassification.

On the eve of Zuckerberg’s scheduled testimony last year, Facebook withdrew the proposal, which would have let him keep control of the social media company even while selling shares to fund his philanthropy.

Shareholder attorneys who argued that the move would give an unfair economic advantage to Zuckerberg are now seeking $129 million in legal fees, an amount Facebook considers excessive.

The judge Thursday called on Zuckerberg to appear later this year to testify about his philanthropic plans and why the reclassification proposal was withdrawn. That information would be used by the judge in considering the reasonableness of the fee request.