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Tag: settlement

Musk mocks US financial watchdog after settlement

Musk mocks US financial watchdog after settlement

Technology
Elon Musk has hit out at the US financial regulator just days after they reached a deal on fraud charges against him. The Tesla boss agreed to pay a fine of $ 20m (£15m) to the Securities and Exchange Commission regarding a tweet he had written boasting that he had funding to take his firm private.The SEC had alleged that Musk did not have the estimated $ 25-50bn needed to make that deal happen.After initially refusing an offer to settle the case, Mr Musk backed down, agreeing that he and his company would each pay a $ 20m fine, he would step down as Tesla's chairman (but remain chief executive), and that he would allow oversight of his communications about company news.But in a tweet late on Thursday, Mr Musk described the SEC as the "Shortseller Enrichment Commission...
Musk out as Tesla chair, remains CEO in $40M SEC settlement

Musk out as Tesla chair, remains CEO in $40M SEC settlement

Technology
Tesla and its CEO Elon Musk have agreed to pay a total of $ 40 million and make a series of concessions to settle a government lawsuit alleging Musk duped investors with misleading statements about a proposed buyout of the company. The settlement with the Securities and Exchange Commission allows Musk to remain CEO of the electric car company but requires him to relinquish his role as chairman for at least three years. Tesla must hire an independent chairman to oversee the company, something that should please a number of shareholders who have criticized Tesla's board for being too beholden to Musk. The deal was announced Saturday, just two days after SEC filed its case seeking to oust Musk as CEO. Musk, who has an estimated $ 20 billion fortune, and Tesla, a company that ended June with...
Oakland Raiders reach injury settlement with WR Griff Whalen

Oakland Raiders reach injury settlement with WR Griff Whalen

Sports
The Oakland Raiders reached an injury settlement with wide receiver Griff Whalen, the Las Vegas Review-Journal reported Thursday. The move came three days after Oakland placed Whalen on injured reserve due to turf toe. The newspaper, citing a source, reported that the Raiders reached a four-week injury settlement. If Whalen does not sign with another club, he will be eligible to re-sign with Oakland in Week 7. Whalen signed with the Raiders in March after spending last season with the Baltimore Ravens. In 14 games with the Ravens, including two starts, Whalen had only four receptions for 23 yards. An undrafted free agent out of Stanford, Whalen initially signed with the Indianapolis Colts in 2012 and spent his first season on injured reserve. The 28-year-old Whalen had his best seas...
California, SoCalGas, reach Aliso Canyon gas leak settlement

California, SoCalGas, reach Aliso Canyon gas leak settlement

Business
Aug. 9 (UPI) -- State and city officials in California unveiled details of a $ 195 million settlement with a gas company to help mitigate the effects of a major 2015 gas leak. A gas facility at Aliso Canyon, near Los Angeles, leaked methane from late October 2015 to early 2016 following a blowout. Residents in the area were forced to relocate to temporary housing while state, federal and the Southern California Gas Co. worked to control the leak. The faulty well at the Aliso Canyon storage facility was permanently sealed with cement and taken out of service in mid-February 2016. SoCalGas, city and state officials said they reached a settlement that addresses the impact of what Los Angeles officials said was the largest gas leak in U.S. history. "When my office filed our lawsuit against So...
Buffalo Bills release C Eric Wood with injury settlement

Buffalo Bills release C Eric Wood with injury settlement

Sports
The Buffalo Bills are releasing veteran center Eric Wood. The team has reached an injury settlement with Wood, multiple media outlets reported Thursday. The 32-year-old Wood announced in January that he was retiring due to a neck injury that was revealed in a season-ending physical. Wood did not formally retire in January because the team was trying to work through salary-cap issues. According to the Buffalo News, if the Bills placed Wood on the reserve/retired list before June 1, his cap number would jump from its current $ 8.625 million to $ 10.39 million. A first-round pick of Buffalo (No. 28 overall) in the 2009 NFL Draft, Wood spent his entire nine-year career with the franchise, earning Pro Bowl honors in 2015. Wood started all 16 regular-season games in 2017 as well as an AFC...