Acocelli Law and Long Law Reach Agreement on Attorneys' Fees in Hess-Chevron Merger Lawsuit

Got story updates? Submit your updates here. ›

The law firms of Acocelli Law, PLLC, and Long Law, LLC have reached an agreement to resolve their application for an award of attorneys' fees and reimbursement of expenses in a lawsuit pending in the Delaware Court of Chancery captioned Assad v. Hess Corporation, et al. The lawsuit was filed by a Hess Corporation shareholder in 2024 alleging the Hess board failed to disclose material information about Hess's planned merger with Chevron Corporation. After Hess supplemented its proxy statement, the shareholder's claims were dismissed, but the firms sought legal fees. The parties have now agreed to a $115,000 payment to the plaintiff's counsel to resolve the fee dispute.

Why it matters

This case highlights the ongoing tensions between corporations, shareholders, and their legal representatives over the disclosure of information and the allocation of legal costs in merger and acquisition transactions. While the underlying claims were dismissed, the dispute over attorneys' fees underscores the complexities involved when shareholder litigation arises around major corporate deals.

The details

In October 2023, Hess Corporation, a Delaware company, agreed to be acquired by Chevron Corporation in a merger transaction. In May 2024, a Hess shareholder named George Assad filed a lawsuit in the Delaware Court of Chancery alleging the Hess board breached its fiduciary duties by failing to disclose material information about the merger in its proxy statement. After Hess supplemented the proxy statement, the shareholder's claims were dismissed, but his lawyers sought an award of attorneys' fees and expenses, arguing they had conferred a corporate benefit. Hess denied any wrongdoing but agreed to pay $115,000 to resolve the fee dispute and avoid further litigation.

• On October 22, 2023, Hess and Chevron entered into a merger agreement.
• On May 2, 2024, the shareholder plaintiff filed the lawsuit in the Delaware Court of Chancery.
• On May 21, 2024, Hess supplemented its proxy statement with additional disclosures.
• On May 28, 2024, Hess shareholders approved the merger.
• On July 18, 2025, Hess and Chevron completed the merger transaction.

What’s next

The Delaware Court of Chancery will review and approve the $115,000 payment to the plaintiff's counsel to resolve the attorneys' fees dispute.