DOVER, Del.—Current and former directors of electric-vehicle maker Tesla Inc. have agreed to return more than $735 million to the company to settle a shareholder lawsuit alleging that they unjustly enriched themselves with excessive compensation.
The proposed settlement was outlined in documents filed late Friday in the Delaware Court of Chancery and is subject to court approval. The settlement does not include claims involving any other Tesla shareholder suit, including a separate Chancery Court action challenging a compensation package awarded to CEO Elon Musk in 2018 that is potentially worth more than $55 billion. A ruling in that case is expected in the very near future.
