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☆ Elon Musk’s $50 Billion Tesla Pay Was Struck Down. What Happens Next?
▼ + stars: | 2024-01-31 | by ( Jack Ewing | Peter Eavis | ) www.nytimes.com time to read: +1 min

Tesla and Mr. Musk could appeal the court decision. Mr. Musk has also indicated that he might seek to incorporate the company in another state that he believes could be more hospitable to businesses, like Texas. What happens to Mr. Musk’s stock options? As part of a compensation package Tesla finalized in 2018, Mr. Musk received options to buy 304 million shares that are now worth more than $50 billion. While he has met the goals needed to receive those options, Mr. Musk does not appear to have converted them into shares of Tesla.

Persons: Elon, Kathaleen St, J . McCormick, Tesla, Musk Organizations: Tesla, Mr Locations: Delaware, Texas

☆ Why Elon Musk's battle with Delaware is about more than a $55 billion pay package
▼ + stars: | 2024-01-31 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +7 min

Musk's Tesla pay was structured without a salary to involve 12 stock option awards that would only be given once performance goals for each of them were met. Though Musk can appeal the decision, there are signs that this battle is about more than just the massive pay package that has propelled him to a $205 billion fortune. The carmaker is currently worth $600 billion, up from roughly $50 billion in 2018, when Musk received his pay plan. So it's reasonable to take Musk at face value when he says his Tesla pay, as McCormick put it, is a "means of bankrolling that mission." Closer to home, Musk's legal battle could trigger a rethink of where Corporate America goes to do business.

Persons: —, Elon, Thomas Jefferson, Tesla, Richard Tornetta —, Musk, Judge Kathaleen McCormick, Musk's Tesla, Chandan Khanna, …, Judge McCormick, McCormick, DealBook, that's Organizations: Service, The, The Diamond State, Business, SpaceX, Toyota, Delaware Inc, Corporate America Locations: Delaware, The Diamond, Tesla, Mars, America's, America, Nevada, Texas

☆ Who can rein in Elon Musk? Someone you’ve probably never heard of
▼ + stars: | 2024-01-31 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

But this week, a Delaware state judge handed down a message that Musk and other powerful men in America seldom hear: Nope. The outcome of Musk’s pay package dispute is the latest instance of a towering, brash business leader getting put in his place by the one institution powerful enough to do so: US courts. Kathaleen McCormick struck down Elon Musk’s 2018 Tesla pay package after an investor challenged it as excessive. Kathleen Flynn/ReutersAmong the threads connecting Musk, Trump and McMahon is a history of evading negative consequences. “And if that’s the case, let that be a message to other people: The litigation system actually does work.”The pay package dispute wasn’t McCormick’s first rodeo with Musk.

Persons: CNN Business ’, New York CNN — Elon Musk, Kathaleen McCormick, who’d, Donald Trump, Trump, Vince McMahon, McMahon, Elon, Kathleen Flynn, Eric Talley, Talley, ”, Musk, McCormick, McCormick didn’t, “ We’ve, ‘, ’ ” Talley, “, Katie McCormick Organizations: CNN Business, New York CNN, Bloomberg, World Wrestling Entertainment, Reuters, Trump, Columbia, Twitter Locations: New York, Delaware, America

A judge just voided Elon Musk's $55 billion Tesla pay package. The ruling, which Tesla can appeal, threatens Musk's spot as the richest person in the world. AdvertisementElon Musk's wealth is facing a potential financial hit after a Delaware judge struck down the billionaire's $55 billion Tesla pay package on Tuesday, voiding the record-setting executive compensation plan. Without the $51.1 billion compensation plan, Musk's net worth would drop to roughly $154 billion, knocking him down several notches on the current list of the world's richest people, Bloomberg reported. His pay package centers around 304 million stock options in 12 tranches tied to a series of goalposts around the carmaker's financial growth, BI previously reported.

Persons: Tesla, —, Elon, Musk, Jeff Bezos, He's, Bernard Arnault, tranches, Richard Tornetta, Greg Varallo, Delaware — Elon, Angela Reddock, Wright, Cynthia Augello, Joshua Tyler White, they're, They've Organizations: Elon Musk's, Bloomberg, Service, New York Times, SEC, Vanderbilt Locations: Delaware, French, Los Angeles, New York, China

☆ Here are Jim Cramer's rapid-fire takeaways on 6 stocks in the news Wednesday
▼ + stars: | 2024-01-31 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +2 min

Jim said, "I don't know if [CEO] Carol Tome can keep the job." The fact is, he added, e-commerce is very strong and "she's not participating in it." Walmart — Founder Sam Walton liked the idea that people shouldn't have to own fractional shares, Jim said, praising the retailer's 3-for-1 stock split . "Very smart move by Walmart" to entice the individual investor with a smaller share price, Jim added. General Motors — Shares on Wednesday added to their 7.8% gain in the prior session on a strong quarter and 2024 guidance.

Persons: Jim, Carol Tome, Sam Walton, Mary Barra, Dave Calhoun didn't, Calhoun, Ozempic, Eli Lilly, Lilly, Tesla, Elon Organizations: Parcel Service, Walmart, General Motors, GM, CNBC, Club, Ford Motor, Boeing, Novo Nordisk — Locations: Delaware

☆ Neuralink exec Shivon Zilis defends Elon Musk's $55 billion Tesla pay package
▼ + stars: | 2024-01-31 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +3 min

Read previewNeuralink director Shivon Zilis is coming to Elon Musk's defense after his Tesla pay package was voided. A Delaware judge on Tuesday swatted down Musk's $55 billion Tesla pay package, siding with a shareholder who argued that Musk's pay as CEO was excessive. She stood by his Tesla compensation package in a social media post on Wednesday. "There are so many anti-meritocratic situations where people take money off the table while destroying shareholder value," Zilis wrote. "Never incorporate your company in the state of Delaware," Musk wrote .

Persons: —, Shivon Zilis, Elon, Kathaleen St, J, McCormick, Musk, Zilis, it's, Tesla Organizations: Service, Tesla's, Business, Bloomberg Locations: Delaware

☆ Stocks making the biggest moves premarket: Google, Advanced Micro Devices, Starbucks and more
▼ + stars: | 2024-01-31 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

The Google parent topped Wall Street's expectations on the top and bottom lines, but recorded advertising revenue of $65.52 billion. Advanced Micro Devices — The semiconductor company's shares slid 4.3% after posting fourth-quarter earnings Tuesday that came out in line with consensus expectations. Starbucks – Shares of the coffee chain were higher in premarket trading even after a disappointing financial update for its fiscal first quarter. Starbucks posted earnings per share of 90 cents, falling below analysts' expectations by 3 cents, according to LSEG. Manhattan Associates — The supply chain software provider surged 11% premarket after fourth quarter earnings and revenue topped analysts' highest estimates, and issued first quarter financial guidance that also surpassed expectations.

Persons: Byron Allen, Tesla, Elon Musk, Mondelez, Morgan Stanley, —, Macheel, Alex Harring, Samantha Subin, Yun Li, Scott Schnipper Organizations: Google, StreetAccount, Paramount Global, Paramount, AMD, Microsoft, Boeing, Starbucks, Technologies, Manhattan Associates Locations: LSEG, Delaware

The big stakes of Musk’s outsize pay dealAn unusual pay package that Tesla devised in 2018 helped make Elon Musk the world’s wealthiest individual. The backstory: In 2018, Tesla set out 12 milestones tied to market capitalization, revenue and profit targets that Musk needed to reach to qualify for a stock package that is now worth over $50 billion. Experts thought it would be impossible to hit. Yet Musk — who told Andrew at the time that Tesla would hit a $1 trillion market cap within a decade — pulled it off. Shareholders sued, however, arguing that the plan was devised unfairly, with Musk essentially creating his own pay package with the help of allies on the Tesla board.

Persons: Tesla, Elon, —, Andrew Organizations: Shareholders Locations: Delaware

☆ CNBC Daily Open: Tech earnings not impressing Wall Street
▼ + stars: | 2024-01-31 | by ( Sumathi Bala | ) www.cnbc.com time to read: +1 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Asia stocks mixedAsia-Pacific markets were mixed Wednesday ahead of the interest rate decision from the U.S. Federal Reserve. Overnight, U.S. stocks also closed mixed. Alphabet, Microsoft disappointWall Street wasn't too impressed with the quarterly results from tech giants Alphabet and Microsoft.

Persons: Elon Musk, Tesla, Goldman Sachs Organizations: CNBC, U.S . Federal, Dow Jones, Nasdaq, Microsoft, Tesla Locations: Asia, Pacific, China, Delaware

☆ We need to see some real uptake in Microsoft Copilot in 2024, says tech investor Paul Meeks
▼ + stars: | 2024-01-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe need to see some real uptake in Microsoft Copilot in 2024, says tech investor Paul MeeksPaul Meeks, veteran tech investor and professor at the Baker School of Business at The Citadel, joins "Squawk Box' to discuss the earnings results by Microsoft and Alphabet, the decision by a Delaware judge to void the $56 billion compensation package of Tesla CEO Elon Musk, and more.

Persons: Paul Meeks Paul Meeks, Elon Musk Organizations: Microsoft Copilot, Baker School of Business, The, Microsoft, Tesla Locations: Delaware

☆ Stocks making the biggest moves midday: Alphabet, Boeing, AMD, Microsoft, Paramount and more
▼ + stars: | 2024-01-31 | by ( Hakyung Kim | ) www.cnbc.com time to read: +4 min

Alphabet — Shares fell 6.3% after the company posted disappointing fourth-quarter advertising revenue. Late Tuesday, Alphabet posted beats on both top and bottom lines, but its advertising revenue of $65.52 billion fell below analysts' forecast of $65.94 billion, per StreetAccount. Starbucks — Shares fell 0.5% after the coffee giant issued disappointing forward guidance due to a boycott in the U.S. and a weaker Chinese consumer. Adjusted earnings per share for the fourth quarter came in at $3.46 versus the $3.27 expected, per FactSet. Manhattan Associates — The supply chain software provider surged 8% after fourth-quarter adjusted earnings and revenue topped analysts' estimates, per FactSet.

Persons: Byron Allen, NYCB, Tesla, Elon Musk, Roth, Morgan Stanley, SoFi, Stryker, Genuity, —, Alex Harring, Samantha Subin, Sarah Min, Jesse Pound, Lisa Kailai Han, Michelle Fox, Pia Singh Organizations: Boeing, Paramount, AMD, Microsoft, Starbucks, New York Community Bancorp, Bank, Technologies, Rockwell, —, Wall Street, Revenue, Manhattan Associates Locations: U.S, Delaware, Georgia

☆ Elon Musk suggests Tesla could leave Delaware after a judge blocked his $55 billion pay deal
▼ + stars: | 2024-01-31 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +1 min

Elon Musk has lashed out at the state of Delaware. Musk posted a poll asking X users whether Tesla should change its state of incorporation to Texas. On Tuesday, a Delaware judge ruled against his $55 billion Tesla compensation package. The Tesla CEO lashed out after a Delaware judge ruled against his $55 billion compensation package on Tuesday. Judge Kathleen St. J. McCormick sided with a lawsuit from a Tesla shareholder that argued Musk's pay plan was excessive.

Persons: Elon, Musk, Tesla, —, Kathleen St, J, McCormick, Musk's Organizations: Service, Business Locations: Delaware, Texas

☆ CNBC Daily Open: Tech earnings not good enough for Wall Street
▼ + stars: | 2024-01-31 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

A trader works on the floor of the New York Stock ExchangeThis report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Wall Street ends mixedU.S. stocks closed mixed on Tuesday as Wall Street looked ahead to the Federal Reserve's interest rate decision. [PRO] Bank stocks back on radarInvestors need to overcome their fear of bank stocks created by last year's deposit outflows and regional bank failures, said Oppenheimer. Analyst Chris Kotowski, noted bank stocks are "significantly undervalued," adding even mid-size banks that struggled in 2023 could see their underlying business rebound.

Persons: Elon Musk, Tesla, Oppenheimer, Chris Kotowski Organizations: New York Stock, CNBC, Dow Jones, Nasdaq, Microsoft, Software, Activision Blizzard, Tesla, Bank Locations: Delaware

☆ Tesla shares slide after judge voids Elon Musk's $56 billion compensation
▼ + stars: | 2024-01-30 | by ( Dan Mangan | ) www.cnbc.com time to read: +1 min

Elon Musk — the CEO of Tesla and SpaceX and owner of X, formerly Twitter — speaks during the New York Times annual DealBook summit in New York City, Nov. 29, 2023. A Delaware judge on Tuesday voided the $56 billion pay package of Tesla CEO Elon Musk, ruling that the company's board of directors "failed that the compensation plan was fair." Tesla's share price slid about 3% in after-hours trading Tuesday following news of the decision in the lawsuit filed by Richard Tornetta, a shareholder in the electric automaker. "The plaintiff is entitled to rescission," Delaware Chancery Court Judge Kathaleen McCormick wrote in his ruling agreeing that Musk's pay package was inappropriately set by Tesla's board. Please check back for updates.

Persons: Elon, Twitter —, Elon Musk, Richard Tornetta, Judge Kathaleen McCormick, McCormick Organizations: SpaceX, Twitter, New York Times, Tesla Locations: New York City, Delaware

☆ Stocks making the biggest moves after hours: Microsoft, Alphabet, Starbucks, AMD and more
▼ + stars: | 2024-01-30 | by ( Hakyung Kim | ) www.cnbc.com time to read: +4 min

Electronic Arts — The stock declined 3.3% after its fiscal third-quarter revenue came in below estimates. Google ad revenue came in at $65.52 billion, short of analysts' expectations for $65.94 billion, per StreetAccount. Starbucks' fiscal first-quarter adjusted earnings came in at 90 cents per share on revenue of $9.43 billion. This fell short of analysts' expectations for 93 cents in earnings per share and revenue of $9.59 billion, per LSEG. Revenue came in at $194 million, reflecting a 53% increase from a year earlier.

Persons: Elon Musk's, Richard Tornetta, Laxman Narasimhan, Stryker, Skyworks, Liam Griffin, Robert Half, FactSet, Teradyne, Darla Mercado, Scott Schnipper Organizations: Microsoft, LSEG, Electronic Arts, EA, Google, Starbucks, AMD, Powell Industries Locations: Delaware, Asia, North America, LSEG

A Delaware judge on Tuesday voided the $56 billion pay package of Tesla CEO Elon Musk, ruling that the company's board of directors failed to prove "that the compensation plan was fair" or show much evidence that they had even negotiated with him. The pay package that Tesla granted Musk in 2018 was the largest compensation plan in public corporate history, McCormick noted in her 200-page ruling. He claims that Tesla, Inc.'s directors breached their fiduciary duties by awarding Elon Musk a performance-based equity-compensation plan." "Put simply, neither the Compensation Committee nor the Board acted in the best interests of the Company when negotiating Musk's compensation plan. But in a tweet late Tuesday afternoon, Musk wrote, "Never incorporate your company in the state of Delaware."

Persons: Elon, Twitter —, Elon Musk, Richard Tornetta, Chancellor Kathaleen McCormick, Tesla, McCormick, Musk, Tornetta, Todd Maron, Grant Organizations: SpaceX, Twitter, New York Times, Tesla, Delaware Supreme Court, Inc, Elon, Company, Musk, CNBC, CNBC PRO Locations: New York City, Delaware

☆ Judge strikes down Elon Musk's $55 billion Tesla pay package
▼ + stars: | 2024-01-30 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

A Delaware judge ruled against Elon Musk's $55 billion Tesla compensation package. In 2018, a Tesla shareholder sued Tesla and Musk over the pay plan. A Delaware judge ruled to strike down Musk's $55 billion Tesla compensation package on Tuesday, siding with a shareholder who had argued in a lawsuit that the CEO's pay plan was over the top. Tesla shareholder Richard Tornetta sued Tesla and Musk over the massive pay plan in 2018, arguing that it was "beyond the bounds of reasonable judgment." Meanwhile, Tesla argued that the pay was necessary to maintain Musk's focus on Tesla and that shareholders like Tornetta have benefited from Musk's leadership.

Persons: Tesla, —, Elon Musk, Musk, Kathleen St, J, McCormick, Richard Tornetta Organizations: Elon Musk's, Service, Tesla's, Tornetta, Bloomberg, Tesla Locations: Delaware

☆ Elon Musk’s Tesla Pay Package Is Voided by Judge
▼ + stars: | 2024-01-30 | by ( Jack Ewing | Peter Eavis | ) www.nytimes.com time to read: +1 min

Elon Musk, the chief executive of Tesla, suffered a stunning rebuke Tuesday when a Delaware judge voided the pay package that helped make him a billionaire many times over and the world’s wealthiest human being. In a decision that cast a harsh light on the behavior of Mr. Musk and Tesla’s board of directors, Chancellor Kathaleen St. J. McCormick of the Delaware Court of Chancery said the chief executive had effectively overseen his own compensation plan with the help of compliant board members. “The process leading to the approval of Musk’s compensation plan was deeply flawed,” the judge said. She ordered that the contract that gave Mr. Musk “the largest potential compensation plan in the history of public markets” be voided, and told parties in the case to work out how Mr. Musk would return excess pay. Some compensation experts said the decision would send a warning to other companies that awarded their top executives very large pay packages.

Persons: Elon Musk, Tesla, Chancellor Kathaleen St, J . McCormick, Musk Organizations: Chancery Locations: Delaware

Berkshire Hathaway Chairman Warren Buffett walks through the exhibit hall as shareholders gather to hear from the billionaire investor at Berkshire Hathaway Inc's annual shareholder meeting in Omaha, Nebraska, U.S., May 4, 2019. Berkshire owns 80% of Pilot, having paid the Haslams $2.76 billion for a 38.6% stake in 2017 and $8.2 billion for another 41.4% in January. The Haslams sued Omaha, Nebraska-based Berkshire in October, accusing it of seeking a "windfall" by adopting "pushdown" accounting for Pilot. Berkshire countersued on Nov. 28, saying Jimmy Haslam tried to bribe Pilot executives with millions of dollars to inflate earnings in 2023 at the expense of future years. According to court papers, the Haslams believe the 20% Pilot stake was worth $3.2 billion before Berkshire's accounting change, an amount Berkshire disputes.

Persons: Warren Buffett, Scott Morgan, Warren Buffett's Berkshire Hathaway, Jimmy Haslam, Chancellor Morgan Zurn, Haslam, Zurn, Berkshire, Berkshire countersued, Tom Hals, David Holmes Organizations: Berkshire Hathaway, REUTERS, Rights, Travel Centers, Cleveland Browns, Berkshire, Pilot, Thomson Locations: Omaha , Nebraska, U.S, Rights WILMINGTON , Delaware, Delaware, Delaware's, Berkshire, Knoxville , Tennessee, Wilmington , Delaware

☆ Charlie Javice's fraud trial prosecutors must press JP Morgan for more evidence, judge rules
▼ + stars: | 2023-11-02 | by ( Nate Schweber | ) www.businessinsider.com time to read: +4 min

The judge sided in part with the defense, ordering the government to force JP Morgan to release more evidence. AdvertisementAdvertisementA federal judge on Thursday ruled that prosecutors must compel JP Morgan to find more evidence that could help Charlie Javice, the founder of the financial aid startup Frank, in her defense in her criminal fraud trial. On Thursday, inside U.S. Federal Court in Manhattan, lawyers for Javice and a co-defendant argued for more documents from JP Morgan Chase. AdvertisementAdvertisementMeanwhile, a Delaware judge ruled that JP Morgan Chase is violating a commitment that it made upon acquiring Frank to pay a significant portion of Javice's legal bills. Her lawyers say that JP Morgan Chase owes them $835,000 of the around $3.8 million they have so far charged.

Persons: Charlie Javice, Frank founder's, JP Morgan, —, JP Morgan Chase, Frank, Javice, Alex Spiro, Spiro, Dina McLeod, Alvin K, Hellerstein, Morgan Chase, Judge Hellerstein, Olivier Amar, Sean Buckley Organizations: Service, U.S, Federal, Javice Locations: Manhattan, Delaware

☆ Charlie Javice says JPMorgan is trying to use 'red tape' to avoid paying her legal bill of $3.8 million and growing
▼ + stars: | 2023-10-26 | by ( Jack Newsham | ) www.businessinsider.com time to read: +3 min

JPMorgan and prosecutors claim Charlie Javice fraudulently inflated the value of her startup. But JPMorgan was ordered to pay her legal fees – totaling almost $3.8 million, new filings show. AdvertisementAdvertisementLawyers for indicted startup founder Charlie Javice say JPMorgan Chase is defying a court order to pay almost a fifth of the nearly $3.8 million in legal bills they've racked up. But a Delaware judge said JPMorgan still had to honor its commitment to advance Javice's legal fees under agreements it made when it acquired Frank. AdvertisementAdvertisementThe bank's unpaid tab totals more than $835,000, Javice's lawyers claimed, amounting to about 22% of the total amount they've sought.

Persons: Charlie Javice, —, JPMorgan Chase, they've, Olivier Amar, Frank, Abrams, Bayliss, Quinn Emanuel Urquhart, Sullivan, Michael Barlow, Mintz Levin, wasn't Organizations: JPMorgan, Service, Javice, Securities and Exchange Commission Locations: Delaware

The company wants Kathaleen McCormick, chief judge on the court, to approve a fee of no more than $64 million. The attorneys represented a Detroit police union pension plan that sued Tesla's directors for excessive compensation during 2017 to 2020. Nearly all of the directors' compensation comprised stock options and they only got paid if the stock rose. The 2020 lawsuit settled in July with the directors agreeing to return to Tesla $735 million as part of a $919 million agreement. The difference in the two values boils down to the stock options.

Persons: Thomas Peter, Kathaleen McCormick, Elon Musk's, James Murdoch, Rupert Murdoch, Larry Ellison, Tesla, Tom Hals, Noeleen Walder, David Gregorio Our Organizations: REUTERS, Oracle Corp, Tesla, Detroit, Oracle, Thomson Locations: Beijing, China, WILMINGTON , Delaware, Delaware, Delaware's Court, Wilmington , Delaware

☆ Rupert Murdoch steps down as chairman of Fox and News Corp.
▼ + stars: | 2023-09-21 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +8 min

Rupert Murdoch is stepping down as chairman of the board of both Fox Corp. and News Corp. , the companies said Thursday. Lachlan Murdoch, one of his sons, will become sole chairman of News Corp. and will continue as Fox Corp.'s executive chair and CEO. At the time, Fox had opposed having the elder Murdoch — as well as other top Fox executives — appearing in person, citing his age. Since July 2022, Murdoch had worked from his home in Montana rather than going into Fox or News Corp. offices, according to a securities filing. News Corp. owns newspapers The Wall Street Journal and New York Post, among other publications, while Fox is the parent company of right-leaning TV networks Fox News and Fox Business.

Persons: Rupert Murdoch, Murdoch, Lachlan Murdoch, –, Joe Biden, Donald Trump, Murdoch's, Fox, Murdoch —, —, Fox wouldn't, Tucker Carlson, Marvin Davis, Michael Wolff's, Read, Lachlan Organizations: Fox Corp, News Corp, Voting Systems, Fox News, Fox, Wall Street, New, New York Post, Fox Business, News, Century Fox, Fox News Channel, Disney Locations: Dominion, Delaware, Montana, New York, Australian, Adelaide, Australia, Britain, U.S, cahoots

The lawyers want a judge to approve $229 million in fees, or $10,690 an hour, according to a Sept. 8 filing in Delaware's Court of Chancery. The legal fee and the settlement must be approved by a Delaware judge at a hearing scheduled for October. The Telsa directors have not objected to the fee request but are expected to do so, according to a court filing by the plaintiffs' lawyers. In 2012, the Delaware Supreme Court affirmed a $304 million fee in a Southern Copper shareholder lawsuit involving $2 billion of damages. The Delaware Court of Chancery judge overseeing the Tesla case, Kathaleen McCormick, has scheduled a hearing on Oct. 13 to approve the settlement and the fee.

Persons: Tesla's, James Murdoch, Larry Ellison, Bleichmar Fonti, McCarter, Ronald King, Clark Hill, George Bauer, David Paige, Paige, Kathaleen McCormick, Tom Hals, Amy Stevens, Marguerita Choy Organizations: REUTERS, Partners, Bleichmar, Shukurov, Advisors, Southern, Thomson Locations: Oslo, Norway, Victoria, WILMINGTON , Delaware, Delaware's Court, Delaware, New York, Wilmington , Delaware, Lansing , Michigan

☆ Dominion’s $1.6 billion defamation suit against Newsmax over election lies set for September 2024 trial
▼ + stars: | 2023-09-18 | by ( Marshall Cohen | ) edition.cnn.com time to read: +2 min

CNN —Dominion Voting Systems’ $1.6 billion defamation lawsuit against Newsmax over the right-wing network’s airing of 2020 election lies is scheduled to go to trial in late September 2024, a Delaware judge decided. The decision by Delaware Superior Court Judge Eric Davis means — barring an out-of-court settlement — Trump’s lies about the 2020 election will be front and center at a four-week trial during the closing weeks of the 2024 election. Davis presided over a similar high-profile defamation case brought by Dominion against Fox News over the network’s airing of election lies. The case ended in April with a last-second $787 million settlement, the largest publicly known defamation settlement in US history. Newsmax is also facing a massive defamation suit from Smartmatic, another voting technology company that was accused by right-wing figures of rigging the 2020 election.

Persons: Newsmax, Donald Trump, Joe Biden, Eric Davis, Davis, Dominion “, Sidney Powell, Rudy Giuliani, Mike Lindell, Patrick Byrne, Trump, “ Organizations: CNN, Dominion, Delaware, Fox News, Newsmax, Trump Locations: Delaware, Biden’s

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