(Bloomberg) – Tesla Inc. executives, with the notable exception of Chief Executive Officer Elon Musk, won court approval for a $ 60 million settlement of derivative claims by shareholders who say they were defrauded when the electric car maker acquired another Musk-affiliated company. , SolarCity, for $ 2 billion in 2016.
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Elon Musk, founder of SpaceX and chief executive officer of Tesla Inc., will speak during a discussion at the Satellite 2020 conference in Washington, DC, USA, on Monday, March 9, 2020. The event covers key topics for both the satellite industry and end – users, and brings together a diverse group of thought leaders to share their knowledge.
“It’s a substantial amount of money,” Judge Joseph Slights III of Delaware said Monday in approving the scheme, which will be paid for by insurers. Sights is also awarding attorneys for the shareholders $ 17 million in fees.
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Next March, billionaire Musk is appointed to make investor claims, so he ducked them in support of the solar panel installer’s $ 2 billion purchase, which was co-founded by Musk and his cousins . Critics of the deal called it a bailout of SolarCity and questioned the robustness of Tesla’s corporate governance provisions.
Musk said in the lawsuit that he was envious of defending SolarCity’s acquisition and dismissing shareholders’ attorneys as “burning the wrong tree.”
“SolarCity would have done just fine by itself and Tesla would have done just fine by itself, but in the long run they are better together,” he said in a depot preliminary lawsuit made public last year. ‘And that’s what the future holds. That’s why I think you should stop wasting your time now. ”
The case is In Re Tesla Motors Inc. Stockholders Litigation, No. 12711, Delaware Chancery Court (Wilmington).
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