Nikola Beats Ex-CEO Milton’s Bid to Nix Arbitration Award (1)

Nikola Corp. founder Trevor Milton must pay the electric truck maker almost $168 million after a federal judge confirmed an arbitration panel’s award against the ex-CEO for making misleading statements about the company.

The panel acted within its authority when applying the terms of Milton’s separation agreement and finding he was liable for 97% of a $125 million fine Nikola paid to settle Securities and Exchange Commission fraud charges, the judge said.

The panel’s decision to award Nikola about $46.5 million for legal fees and other expenses will also be enforced, Judge Diane Humetewa in the US District Court for ...