“I could not be recused from all discussions,” Musk said in the deposition, according to a filing last week in Delaware Chancery court. “I needed to voice my opinion, obviously.”The shareholders’ filing refers to the deposition and includes some quotes from Musk, but doesn’t include the transcript. Tesla’s board first heard about Musk’s proposal to buy SolarCity at an emergency board meeting in …
Under aggressive questioning by Sen. Elizabeth Warren (D-Mass. ), Wells Fargo chief John Stumpf would not commit to pushing for the bank to rescind some of the approximately $100 million in compensation received by the executive who oversaw the employees who opened unauthorized customer accounts. Stumpf also said he never considered firing the executive, Carrie Tolstedt, who announced her …
The complainant is Taylor, Bean & Whitaker (TBW), which was a top-10 wholesale mortgage lending firm. The trustees of the company are accusing PwC of negligence in their audits of TBW’s lender, Colonial Bank. In an agreement between the top management of the borrower and the bank, starting from 2002, TBW chairman Lee Farkas sent mortgage data to Colonial Bank for fake loans or those the company …
The Steamfitters Local 449 Pension Plan filed the suit on July 22 in the Southern District of New York, seeking unspecified damages. The lawsuit names Eaton Corp and Alexander Cutler, Eaton’s former chairman and ceo as well as Richard Fearon, its vice chairman and chief financial officer. The union claimed they violated US securities law by making “false and misleading statements” about the …
John Thornton has finally addressed the recurring outcry over his compensation – by taking a nearly $10-million (U.S.) cut in pay. The executive chairman of Barrick Gold Corp. will receive $3.1-million for his work in 2015, a dramatic reduction from the $12.9-million he pocketed for 2014. Shareholders have twice voted against Mr. Thornton’s compensation package in recent years through non- …