Judge reluctantly approves Elon Musk deal despite concerns over fairness

Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.AllNewsSportCultureLifestyleDistrict Judge Sparkle Sooknanan said she had "significant misgivings" about the deal, noting that Musk's alleged delay in reporting his purchases allowed him to save more than $150 million (Reuters)A federal judge has reluctantly approved a $1.5 million settlement in a lawsuit accusing Elon Musk of failing to promptly disclose his growing stake in Twitter in 2022.U.S. District Judge Sparkle Sooknanan said she had "significant misgivings" about the deal, noting that Musk's alleged delay in reporting his purchases allowed him to save more than $150 million.The judge also questioned why the Securities and Exchange Commission settled with a Musk-related trust rather than Musk himself, saying the arrangement allowed him to avoid direct penalties.The SEC had originally sought about $200 million but agreed to the $1.5 million settlement, arguing it reflected an appropriate compromise by all parties.Musk's attorney said the settlement resolves the matter and that Musk has been cleared of any claims related to the late filing, with the trust agreeing to pay the civil penalty.In fullJudge has ‘serious misgivings’ about a $1.5M fine over Elon Musk’s Twitter takeover - but approves it anywayMore bulletinsThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in

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