Tesla 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 that holds Tesla\n \n stock and challenged stock options that were granted to Tesla\n \n directors starting in June 2017. The settlement does not impact the $56 billion compensation package of Elon Musk, which is being challenged by shareholders in a separate lawsuit that went to trial last year. A ruling is expected soon in the Musk case.
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. Tesla and Musk have a reputation for fighting lawsuits.
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