Tesla held the vote following a ruling by a Delaware judge to void the compensation because Musk improperly controlled the negotiation process and the company misled shareholders about key details
is claiming Elon Musk won his legal battle over his $56-billion pay package because shareholders voted for the compensation, despite a judge rescinding it earlier this year, according to court filing made public on Friday.the 2018 package of stock options. Tesla held the vote following a January ruling by a Delaware judge to void the compensation because Musk improperly controlled the negotiation process and the company misled shareholders about key details.
Tesla made its argument in its proposal for how the judge, Chancellor Kathaleen McCormick of Delaware’s Court of Chancery, should craft a final order that is needed to implement the January ruling. Tesla said the final order should state that “judgment is entered for the defendants.” The shareholders’ legal team wants the judge to stick with her original ruling voiding Musk’s pay package. They want her to order Tesla to pay them potentially billions of dollars worth of Tesla stock as a legal fee award.McCormick will hear oral arguments over the legal fee on July 8 and she might take at least a few weeks before ruling.
Even if she does not reverse her January ruling, she might recognize that the shareholder vote demonstrated that there was little value in winning the case because Tesla shareholders want the record-breaking compensation. That would undermine the plaintiff’s attorneys fee request, which is based on the value they provided to the company by rescinding the pay package.Study and track financial data on any traded entity: click to open the full quote page.
Canada News Breaking News Video Canadian Breaking News Breaking News Globe And Mail Breaking News Globe And Mail Canada News Photos World News Local News National News Us News Foreign News Sports News Arts News Life News Lifestyle Canada Traffic Canada Weather Trudeau Government Federal Government Canada Sports Canada Sports News Politics Politics News Political News Political Opinion Environment Economy Technology Education Travel Canada Alberta Bc British Columbia Manitoba Ontario Quebec Nova Scotia Pei New Brunswick Newfoundland And Labrador Nunavut Northwest Territories Yukon Globe And Mail
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tesla Shareholders Sue Musk in Delaware While They Still CanElon Musk’s bid to leave Delaware, the state of corporate litigation, is drawing a flurry of lawsuits from Tesla Inc. shareholders before the company escapes to Texas.
Read more »
Judge assured that Tesla won't contest Musk pay ruling outside DelawareExplore stories from Atlantic Canada.
Read more »
Judge assured that Tesla won't contest Musk pay ruling outside DelawareThe Delaware judge who voided Elon Musk's record Tesla pay package told the parties in the case that she felt assured by the electric vehicle maker that it...
Read more »
Tesla kicks off legal fight to reinstate CEO Elon Musk’s payTesla wrote that the parties in the pay package case should now lay out their legal interpretations of Thursday’s ratification of Musk’s pay, rather than moving ahead with the case on the prior schedule
Read more »
Elon Musk won $56 billion payday because of vote, Tesla argues in courtTesla is claiming Elon Musk won his legal battle over his $56 billion pay package because shareholders voted for the compensation, despite a judge rescinding...
Read more »
How Elon Musk's $44.9B Tesla pay package compares with other CEOsEven though the median U.S. CEO pay package last year was nearly 200 times more than a worker in the middle of their company pay scales, Elon Musk's record-setting Tesla compensation dwarfs them by comparison.
Read more »