The settlement resolves a lawsuit by a retirement fund which holds Tesla stock and challenged stock options that were granted to directors starting in 2017.
Rafael Henrique | Lightrocket | Getty Images's directors will return $735 million to the company to settle claims they grossly overpaid themselves in one of the largest shareholder settlements of its kind, according to a Monday filing in a Delaware court.
The directors, including Oracle co-founder Larry Ellison, agreed to return the equivalent value of 3.1 million Tesla stock options, according to a court filing. The directors were accused of awarding themselves unfair and excessive compensation in the form of around 11 million stock options from 2017 to 2020 that the allegedly grossly exceeded norms for a corporate board.
Tesla and Musk have a reputation for fighting lawsuits. Musk has prevailed at trial in a defamation lawsuit, a case accusing him of securities law violations and a shareholder lawsuit accusing him of coercing Tesla into buying SolarCity.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Emma Watson Just Re-Wore a 'Beauty and the Beast' Promo Dress to WimbledonEmma Watson Just Re-Wore a Beauty and the Beast Promo Dress to Wimbledon
Read more »
Tubi Hires Vimeo Chief Anjali Sud As New CEOThe executive had been CEO of video platform Vimeo since 2017.
Read more »
What's The Current Tesla Cybertruck Situation & Plan? - CleanTechnicaThe long-awaited Tesla Cybertruck is expected to enter production later this year, after several delays over the years. In recent months, Tesla CEO Elon Musk has shared a few tidbits about the unique electric pickup, even calling it “better than expectations.” Above: A Tesla Cybertruck model from EVANNEX. Image by Casey Murphy / EVANNEX. The Tesla Cybertruck […]
Read more »
Man faces murder charge in death of boy brought to Aurora hospital in 2017 with severe injuriesA man has been charged with first-degree murder in the death of a boy last year, more than five years after doctors diagnosed him with severe traumatic injuries after the man and the boy’s mother brought him to a hospital, according to court documents.
Read more »
Tesla's 1st Cybertruck has rolled off the assembly line, company saysTesla says its first production Cybertruck, the electric pickup that looks nothing like a truck, has rolled off the assembly line, nearly two years behind the original schedule.
Read more »