All Tesla Directors But Musk Settle Investors’ SolarCity Suits
- Board members agree to $60 million accord funded by insurance
- Investors accuse Musk of hiding panel maker’s financial woes
This article is for subscribers only.
All Tesla Inc. directors except Chief Executive Officer Elon Musk agreed to a $60 million settlement to resolve shareholder lawsuits over the company’s purchase of SolarCity, according to court filings.
Insurers covering Tesla’s directors and executives will foot the bill as part of a so-called derivative settlement, two people familiar with the accord said Wednesday, declining to be identified because they aren’t authorized to speak publicly about the deal.