Minus Musk, Tesla Board Gets Court Nod for SolarCity Settlement

Tesla Inc. directors, with the notable exception of Chief Executive Officer Elon Musk, won court approval for a $60 million settlement of derivative claims by shareholders who say they were defrauded when the electric vehicle maker acquired another Musk-affiliated company, SolarCity, for $2 billion in 2016.

“It’s a substantial amount of money,” Delaware Chancery Judge Joseph Slights III said Monday in approving the settlement, which will be paid by insurers. Sights also awarded lawyers for the shareholders $17 million in fees.

Next March, billionaire Musk is slated to face investors’ claims he duped them into backing the $2 ...