, Tesla directors settle, isolating Musk as SolarCity trial looms – Source Reuters Tech News, iBSC Technologies - learning management services, LMS, Wordpress, CMS, Moodle, IT, Email, Web Hosting, Cloud Server,Cloud Computing
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Tesla directors settle, isolating Musk as SolarCity trial looms – Source Reuters Tech News

WILMINGTON, Del. (Reuters) – Directors of Tesla Inc (TSLA.O) settled a shareholder lawsuit over the company’s 2016 acquisition of SolarCity Corp, leaving Chief Executive Officer Elon Musk as the lone defendant facing claims that Tesla paid $2.6 billion for a worthless solar energy system installer, according to court documents.

, Tesla directors settle, isolating Musk as SolarCity trial looms – Source Reuters Tech News, iBSC Technologies - learning management services, LMS, Wordpress, CMS, Moodle, IT, Email, Web Hosting, Cloud Server,Cloud Computing

FILE PHOTO: Elon Musk, Chairman of SolarCity and CEO of Tesla Motors, speaks at SolarCity’s Inside Energy Summit in Manhattan, New York October 2, 2015. REUTERS/Rashid Umar Abbasi/File Photo

The $60 million settlement comes as a 10-day trial is scheduled to start on March 16 in Delaware in which shareholders seek $2.6 billion in damages, the entire cost of the SolarCity deal.

A lawyer for Musk and a spokesman for Tesla did not immediately respond to a request for comment.

Tesla shareholders have alleged Musk breached his fiduciary duties, squandered Tesla’s assets and unjustly enriched himself by pushing to buy the money-losing solar company in which he…

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Source Reuters Tech News

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