In a brief telephone hearing on Monday, a Delaware judge opted to approve a $60 million settlement for a shareholder lawsuit stemming from Tesla’s $2 billion acquisition of clean energy company SolarCity in 2016. Interestingly, the judge granted the settlement approval for Tesla’s directors, but not Elon Musk, as the CEO is poised to face his own SolarCity-related case next March.
Apart from the $60 million settlement, Judge Joseph Slights III approved $16.8 million in legal fees and expenses that were requested by the plaintiff’s lawyers. As noted in a report from ABC News, this amount corresponds to about 28% of the case’s “derivative settlement,” which was made on behalf of the company and is poised to be paid by insurers.
“It’s a substantial amount of money,” the Judge Sights said.