Google Stock Split Settlement OK'd, But Fees Cut To $9M

Law360, Wilmington (October 28, 2013, 6:29 PM EDT) -- A Delaware Chancery judge gave approval Monday to a settlement of an investor lawsuit challenging Google's planned stock split, which aims to issue a nonvoting class of securities, but dramatically reduced the attorneys' fee award requested from $25 million to $8.5 million plus expenses.

Chancellor Leo E. Strine Jr. said the agreement should be approved because it offered significant gains, primarily by making restrictions on the transfer of the different classes of Google stock among insiders more difficult to overcome. 

The settlement also includes provisions in...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.