SEC, Tesla support approval of settlement | The Daily Star
12:00 AM, October 12, 2018 / LAST MODIFIED: 12:06 AM, October 12, 2018

SEC, Tesla support approval of settlement

The US Securities and Exchange Commission, Tesla Inc and Chief Executive Officer Elon Musk submitted a joint filing late on Wednesday in support of a settlement, saying the terms were in the best interest of investors.

 “We therefore respectfully submit that the court should accept and enter the proposed consent judgments,” they said in a letter filed with the US District Court, Southern District of New York.

Last week, a federal judge had ordered the SEC and Musk to justify their securities fraud settlement, which let Musk remain CEO, by Oct. 11.

Musk agreed to pay a $20 million fine, and step aside as Tesla's chairman for three years, to settle charges that could have forced his exit from Tesla. The company also accepted a $20 million fine, despite not being charged with fraud.

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