A judge has approved the settlement that finally wraps up a case brought 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.
Chancellor Kathaleen McCormick of Delaware’s Court of Chancery approved 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
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