Musk, Tesla Board Sued In Chancery Over 'Egregious' Pay

Law360 (June 18, 2020, 9:31 AM EDT) -- A pension fund shareholder of Tesla Inc. sued Elon Musk and company directors in Delaware's Chancery Court late Wednesday to seek repayment of what it said were years of "outrageous" board stock awards that cost the company hundreds of millions of dollars.

The Police and Fire Retirement System of the City of Detroit accused Musk, Tesla's largest shareholder, and the company's nine-member board of of lining up director pay and stock option benefits valued at an average $8.7 million in 2018 alone — more than 29 times higher than the average for S&P 500 index company boards. The fund also sued...

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