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Judge approves settlement in suit that Tesla's board overpaid themselves

<p>A judge has approved the settlement that finally wraps up a case <a data-i13n="elm:context_link;elmt:doNotAffiliate;cpos:1;pos:1" class="no-affiliate-link" href="https://www.engadget.com/tesla-directors-agree-to-return-735-million-following-claims-they-were-massively-overpaid-105506056.html" data-original-link="https://www.engadget.com/tesla-directors-agree-to-return-735-million-following-claims-they-were-massively-overpaid-105506056.html">brought[/url] 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.</p>
<p>Chancellor Kathaleen McCormick of Delaware's Court of Chancery <a data-i13n="elm:context_link;elmt:doNotAffiliate;cpos:2;pos:1" class="no-affiliate-link" href="https://www.reuters.com/legal/judge-approves-tesla-directors-deal-end-excess-pay-case-2025-01-08/" data-original-link="https://www.reuters.com/legal/judge-approves-tesla-directors-deal-end-excess-pay-case-2025-01-08/">approved[/url] 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.</p>
<span id="end-legacy-contents"></span><p>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.</p>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

Source: Judge approves settlement in suit that Tesla's board overpaid themselves (https://www.engadget.com/transportation/judge-approves-settlement-in-suit-that-teslas-board-overpaid-themselves-185901600.html?src=rss)