Parag Agrawal and team win $1.1 mn in legal fees from Musk’s X
Former Twitter CEO Parag Agrawal, former policy lead Vijaya Gadde and other executives have won $1.1 million in legal fees from Elon Musk-run X Corp.
IANS
Oct 4, 2023 10:23
0
San Francisco, Oct 4 (IANS) Former Twitter CEO Parag Agrawal, former policy lead Vijaya Gadde and other executives have won $1.1 million in legal fees from Elon Musk-run X Corp.
Reports said on Wednesday that Delaware Chancery Court Judge Kathaleen St. J. McCormick ruled in favour of Agrawal and the team as Twitter “violated its duties to cover legal expenses generated by their work for the company.”
Indian-origin Twitter CEO Agrawal, ex-legal head Gadde and former chief financial officer Ned Segal sued Musk-run Twitter in April this year over unpaid legal bills in excess of $1 million.
In October last year, Musk informed Agrawal, Gadde and Segal that their employment with the company was terminated as he took control of the micro-blogging platform.
According to the lawsuit, the trio alleged that Twitter has to pay them more than $1 million for legal fees they incurred while at the company to respond to queries by the Department of Justice and Securities and Exchange Commission (SEC) in several hearings.
Agrawal and Segal were named as defendants in the Securities Class Action in September while both still were working at Twitter.
Gadde was named as a defendant in the Securities Class Action in February this year, when plaintiffs in that action filed an Amended Class Action Complaint, according to the lawsuit.
According to reports, these three top executives had an exit package of around $90-100 million when they left Twitter. Agrawal was set to receive the largest payout at around $40 million, largely due "to the entirety of his shares vesting upon his firing”.
