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.
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…
Source Reuters Tech News