Google will spend $500 million to update its adherence to the shareholder agreement
According to settlement agreements, Google agreed to spend $500 million over ten years to restructure its compliance system in order to settle shareholder lawsuits alleging antitrust violations.
Friday evening saw the filing of the initial settlement of a so-called derivative lawsuit against Alphabet officials, including executive chairman Sundar Pichai and Google co-founders Larry Page and Sergey Brin.
According to settlement agreements, Google agreed to spend $500 million over ten years to restructure its compliance system in order to settle shareholder lawsuits alleging antitrust violations.
Friday evening saw the filing of the initial settlement of a so-called derivative lawsuit against Alphabet officials, including executive chairman Sundar Pichai and Google co-founders Larry Page and Sergey Brin.
Google agreed to a payment while denying any wrongdoing.
«We have invested significant resources in creating strong compliance procedures over the years,» the Mountain View, California-based business stated on Monday. «We are pleased to make these commitments in order to prevent lengthy litigation.»
Google executives and directors were accused by the shareholders, who were led by two Michigan pension funds, of violating their fiduciary duties by exposing the company to antitrust liability in relation to its search, ad tech, Android, and app distribution businesses.
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