Snap Will Add Independent Director to Settle Investor Claims

A settlement to end investor litigation alleging Snap Inc. pushed a scheme to give its co-founders perpetual control of the company finally received approval from a Delaware court.

Only Snap’s class A stockholders are included in the class definition in an amended proposal approved Monday by the Delaware Court of Chancery.

The settlement was amended after Vice Chancellor Paul Fioravanti Jr. questioned at a previous hearing whether the class definition was too broad. He also had concerns that some stockholders hadn’t received notice about the proposed settlement in time to file an objection before a September hearing.

“The form and ...