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News on Medial
Tesla directors to return $735 million to settle shareholder lawsuit
Startup News FYI
·
2y ago
Medial
Tesla's directors have agreed to return $735 million to settle a shareholder lawsuit. The lawsuit alleged that the company's acquisition of SolarCity in 2016 was a bailout of the struggling solar energy firm, and that Tesla's directors breached their fiduciary duty to shareholders. As part of the settlement, the directors will not admit any wrongdoing.
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Related News
Lawyers who sued Tesla for overpaying want $10,690/hr; Musk reacts
Reuters
·
1y ago
Medial
A legal team that successfully sued Tesla's directors for overpaying themselves is now seeking approval for $229 million in fees, equating to $10,690 per hour, according to a court filing. If approved, it would be one of the largest fee awards resulting from a shareholder lawsuit against a board. The fees would be divided among four law firms involved in the case. In July, the directors agreed to return more than $700 million in compensation to Tesla. The proposed fee and settlement must be approved by a Delaware judge at an October hearing.
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Explainer: Did Delaware 'lock the doors' to stop companies from leaving, as Musk claims?
Reuters
·
1y ago
Medial
Tesla CEO Elon Musk claims that Delaware is trying to prevent businesses from leaving the state after a court invalidated his $56 billion pay package. Musk has expressed his intention to reincorporate Tesla in Texas and has urged other companies to do the same. While Delaware has made it easier for companies to leave by requiring only a majority shareholder approval, the court is scrutinizing moves that may benefit a controlling shareholder. Musk's claim comes amid a shareholder lawsuit against TripAdvisor's planned reincorporation in Nevada. A ruling in the TripAdvisor case may have implications for Tesla.
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Elon Musk cannot keep Tesla pay package worth more than $55 billion, judge rules
Medial
·
1y ago
Medial
A judge has ruled that Elon Musk must relinquish a compensation package given to him by Tesla's board of directors, potentially worth over $55 billion. The decision comes after a shareholder lawsuit accused Musk and the directors of breaching their duties and resulting in a waste of corporate assets. Plaintiff's attorneys claimed the pay package was a result of sham negotiations and lacked independence, while defense attorneys argued it was fairly negotiated by independent directors with ambitious performance goals and approved by shareholders.
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Tesla gets Texas robotaxi license amid safety lawsuit, Dojo shutdown - The Economic Times
Economic Times
·
19d ago
Medial
Tesla received a license to operate its Robotaxi ride-hailing service in Texas, positioning it against competitors Uber and Lyft. Concurrently, Tesla and CEO Elon Musk are facing a shareholder lawsuit over alleged securities fraud related to self-driving vehicle safety risks. This development comes shortly after Tesla shut down its Dojo supercomputer team, shifting its strategy towards a $16.5 billion deal with Samsung for AI chips. Tesla also opened its first showroom in India.
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Google reaches tentative settlement with 36 states and DC over alleged app store monopoly
Economic Times
·
1y ago
Medial
Thirty-six U.S. states and the District of Columbia have reached an agreement in principle with Google to settle a lawsuit filed in 2021 over the tech giant's alleged monopolistic control of app distribution for Android devices. The agreement is subject to approval by the state attorneys general and Google's parent company's board of directors. The terms of the settlement were not disclosed. The lawsuit claimed that Google had set up anticompetitive barriers to ensure it distributed more than 90% of the apps on Android devices, representing an illegal monopoly.
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OpenAI responds to Elon Musk's lawsuit: ‘Elon wanted us to merge with Tesla or…’
Livemint
·
1y ago
Medial
OpenAI has responded to the recent lawsuit filed by Elon Musk, stating that he wanted the AI startup to merge with Tesla or have full control. In the suit, Musk accused OpenAI of compromising its original mission for profit under Microsoft. OpenAI clarified that they couldn't agree to Musk's terms as it went against their mission for any individual to have absolute control. Musk allegedly suggested attaching OpenAI to Tesla as a "cash cow." Musk's lawsuit accuses OpenAI of breach of contract and demands a return to open source.
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Tim Cook's comments about iPhone sales in China just cost Apple $490 million
Business Insider
·
1y ago
Medial
Apple has agreed to pay $490 million to settle a class-action lawsuit filed by shareholders. The lawsuit, lodged in 2019, alleged that Apple's CEO, Tim Cook, made false comments about the company's sales in China during a 2018 earnings call. Cook had stated that China was performing well, but shortly after, Apple reduced its revenue forecast and blamed slumping sales in China. The settlement amount is equivalent to about two days of Apple's net income for 2023. The settlement still needs approval from a US District Judge. Apple denied wrongdoing but chose to settle to avoid prolonged litigation.
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Google to pay $28 million to settle claims it favoured white and Asian employees
Economic Times
·
5m ago
Medial
Google has agreed to pay $28 million to settle a class action lawsuit alleging it favored white and Asian employees over others by providing higher pay and career advancement. The settlement impacts at least 6,632 employees in California from 2018 to 2024. The lawsuit was led by Ana Cantu, representing Hispanic and Indigenous groups. Google disagrees with the allegations but commits to equitable pay and promotions. Net settlement proceeds are $20.4 million.
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Google to pay $350 million to settle shareholders' data privacy lawsuit
Economic Times
·
1y ago
Medial
Google has agreed to pay $350 million to settle a lawsuit by shareholders over a security bug at its defunct Google+ social media website. The settlement resolves claims that Google concealed a software glitch that exposed users' personal data, causing a drop in Alphabet's market value. The lawsuit covers shareholders from April 2018 to April 2019, and Google denies any wrongdoing. This settlement comes after a separate $7.5 million settlement with Google+ users in 2020.
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Apple to pay $25 million to settle lawsuit over Family Sharing feature
Economic Times
·
1y ago
Medial
Apple has agreed to pay $25 million to settle a class-action lawsuit related to its Family Sharing feature. The lawsuit, filed in 2019, claimed Apple misrepresented the capability of using Family Sharing to share subscriptions to apps. Apple denied any misleading representations but settled the lawsuit, alleging that millions of consumers downloaded subscription-based apps under the impression they were available for Family Sharing, only to find out after payment that they were not. The settlement comes as Apple faces increasing scrutiny over its app store practices and treatment of developers.
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