Tesla Board Agrees to "Largest Shareholder Derivative Lawsuit Settlement Ever"

Tesla Board Compensation Derivative Suit Settles for $735 Million

In what is as far as I know the largest shareholder derivative lawsuit settlement ever as measured by dollar value, the defendant board members in the Tesla Board compensation derivative suit have agreed to settle the case for a combination of payments and transfers with a total value of $735 million. The agreement settles a Delaware Chancery Court lawsuit that a public pension fund shareholder filed against the board in June 2020 alleging that the since at least 2017 the board had received “unfair and excessive” compensation. The settlement is subject to court approval. A copy of the parties’ stipulation of settlement in the case, filed with the court on July 14, 2023, can be found here.

Congressman Torres Tells SEC Chairman to End Crypto ‘Crusade’ After Ripple Ruling

On Monday, Gensler said he was “disappointed” in the judge’s ruling, and that the commission is “looking at it and assessing that option.” However, Torres asserted that the SEC’s odds of scoring an immediate appeal on the ruling are “vanishingly small,” since some issues in the case will require fact-finding, which takes time.

In the meantime, the precedent set by the judge—which the congressman calls the “Torres Doctrine”—will reign supreme.

“The tenuous legal foundation for the litigation against Coinbase has come crashing down, and rightfully so,” argued Torres. In its lawsuit against Coinbase in June, the SEC deemed a host of other top crypto assets as securities, including Cardano (ADA), Solana (SOL) and Polygon (MATIC).

“I look forward to finding out how the SEC will reassess its regulatory assault on crypto assets in light of the Torres doctrine,” concluded the congressman. Torres did not immediately respond to Decrypt’s request for comment.

ETF That Offers 100% Downside Protection During Selloffs Debuts

Buffer funds can shield against a wide range of losses should their respective gauges drop, though the most popular ones tend to be in the 15% buffer range, according to Bloomberg Intelligence. Yet, Innovator says that its TJUL fund — which will track S&P 500 returns up to a capped percentage over a two-year period — will be the first of its kind to protect against 100% of stock losses. TJUL’s cap on potential gains is estimated at about 15% after fees.

Specifically, the fund will invest at least 80% of its net assets in options on the $423 billion SPDR S&P 500 ETF Trust (ticker SPY), according to the fund’s prospectus. TJUL can purchase and sell a combination of call and put options in an effort to cushion against market volatility.

Societe Generale Unit Gets France’s First Crypto License

Societe Generale’s blockchain unit received the first license issued under France’s new crypto rules, ramping up the investment bank’s expansion into digital assets.

Societe Generale Forge was designated a digital asset service provider, or DASP, by France’s Autorité des Marchés Financiers on Tuesday, according to the regulator’s website. The license will enable Forge to meet demand from institutional clients for digital assets, Forge Chief Executive Officer Jean-Marc Stenger said in a statement Wednesday.

RFK Jr. Announces Bold Plan to Back Dollar With Bitcoin, End Bitcoin Taxes

Speaking at a Heal-the-Divide PAC event, Democratic Presidential Candidate Robert F. Kennedy Jr. outlined specific Bitcoin-focused policies that he would enact as president, including gradually backing the U.S. dollar with bitcoin and making bitcoin profits exempt from capital gains taxes.