WILMINGTON, Del. (Reuters) – A Delaware choose on Friday allowed Elon Musk and Tesla to pursue authorized motion to attempt to restore the electrical automotive maker’s CEO’s file $56 billion wage.
Chancellor Kathaleen McCormick’s Court docket of Chancery order opens the 30-day window for an attraction to the Delaware Supreme Court docket.
Musk and the board that authorized the 2018 pay bundle can attraction McCormick’s choice in January that they breached their fiduciary responsibility to traders by approving a compensation plan she described as ” unfathomable” in its dimension.
On December 2, she refused to rethink this choice regardless of Tesla shareholders voting in June in favor of the bundle.
Tesla will even be capable of attraction McCormick’s order directing the corporate to pay $345 million to legal professionals who represented Richard Tornetta, the shareholder who sued in 2018 to overturn the pay bundle.
The Delaware Supreme Court docket might take a few 12 months to concern a call.
(Reporting by Tom Hals in Wilmington, modifying by Rosalba O’Brien)
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