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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
Elon Musk
Elon MuskPatrick T. Fallon/Bloomberg
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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.