A judge has approved the settlement that finally wraps up a case brought against Tesla by the Police and Fire Retirement System of the City of Detroit. The shareholders argued that Tesla's board of directors overpaid themselves between 2017 and 2020.
Chancellor Kathaleen McCormick of Delaware's Court of Chancery approved the settlement yesterday. Tesla's directors will be required to return roughly $277 million in cash and $459 million in stock options, as well as forgoing stock options for 2021-23 worth $184 million. McCormick also awarded $176 million in fees and costs to the trio of law firms that brought the case on a contingency basis.
Some of the notable directors named in the suit include Chair Robyn Denholm, James Murdoch (son of Fox News owner Rupert Murdoch) and Larry Ellison (co-founder of Oracle). The board members did not admit to wrongdoing and the settlement does not specify how much each individual should return, only the collective amount.
This article originally appeared on Engadget at https://www.engadget.com/transportation/judge-approves-settlement-in-suit-that-teslas-board-overpaid-themselves-185901600.html?src=rss https://www.engadget.com/transportation/judge-approves-settlement-in-suit-that-teslas-board-overpaid-themselves-185901600.html?src=rssJelentkezéshez jelentkezzen be
EGYÉB POSTS Ebben a csoportban
Last year’s Silent Hill 2 remake work
Proving that truly no IP is safe from modern reboot
If you're a music fan of a certain age, there's a good chance MTV Unplugged has special place in your heart. With the first episode airing in 1989, over the decades the series has produced some of
British creatives are speaking out against the government's proposed changes to copyright law. Take Kate Bush, Annie Lennox and Ben Howard, who join over 1,000 musicians in releasing a protest albu
One thing writers and multinational consumer electronics corporations have in common is we both need a good editor. Or, failing that, at least a good spell-checker. OnePlus somehow missed that step
