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Google Settles Sharehold Suit Over Non-Voting Stock

Published on June 17, 2013
by Saabira Chaudhuri

Google Inc. said its board has approved the terms of a proposed settlement with shareholders who have sued the search-giant in a bid to block its plan to issue a new type of stock that carries no voting rights.

In April of last year, Brockton Retirement Board sued Google following its announcement that it would split its stock to grant a new share to existing stockholders via a tax-free dividend. The company would pay stockholders a dividend of one Class C share for every Class A share they own.

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