WILMINGTON, Delaware :Tesla Inc'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 settlement resolves a 2020 lawsuit by a retirement fund which ho
WILMINGTON, Delaware :Tesla Inc'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 case was brought by the Police and Fire Retirement System of the City of Detroit in 2020 and the settlement is paid to Tesla to benefit the company, a type of case known as a derivative lawsuit. The settlement is one of the largest ever for a derivative case in the Court of Chancery, a major venue for shareholder litigation.
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