Tesla Detroit Derivative Action Settlement

[cdub]

I'm sure the rest of you got this notice...

"
Stay informed about a class action lawsuit involving TESLA, INC..

You’re receiving this notification because there is a class action lawsuit related to TESLA, INC.. If you held or transacted in this security between 2023-07-14 and 2023-07-14, your rights may be affected.

Please carefully review the materials offered at the link(s) below to understand your rights and options with regard to this litigation.

Please contact KCC CLASS ACTION SERVICES if you have any questions. Their information is available on the materials offered at the link(s) below.

Important materials:
Class Action Materials"

Tesla Detroit Derivative Action Settlement

This website has been established to provide general information related to the proposed settlement of the case referred to as Tesla Detroit Derivative Action Settlement.

www.tesladetroitderivativeaction.com

I presume it's just so that we're aware of it and that it may affect stock price?

 

[CatB]

I got it and have no idea why the Board was sued, but IIUC from this:

Detroit Fire & Police Retirement Fund disagreed with the Board's compensation and want the Directors to pay $735M back to Tesla, and (from top of p. 5) forego options from 2021 and 2022, and have the Compensation Committee amend the compensation plan.

Maybe I'm just particularly annoyable today, but, this seems egregiously stupid and wasteful.

IIRC, compensation plans were approved by all shareholders, so what the foxtrotting right do they have to quibble with it?

But according to Fred, Tesla Directors are agreeing to settle:

Elon Musk and other Tesla board members agree to return over $735 million in stock and cash

Elon Musk and other Tesla board members have agreed to return over $735 million in stock awards and cash as...

electrek.co