Google to spend $ 500 million to renew compliance with the settlement of shareholders

Written by Jonathan Stempble

(Reuters) -Jugal agreed to spend $ 500 million over a period of 10 years to repair its compliance structure, to settle the shareholders of the shareholders, accusing the search engine company of anti -monopoly violations, as the settlement papers appear.

The initial settlement of the so -called brieal derivative against Google Parent Alphabet officials, including the CEO of Sundar Pichai and Google participants Sergey BRING and Larry Page, was presented late on Friday.

The approval of the American boycott judge Rita Lane in San Francisco.

The changes include the establishment of an independent board of directors to supervise the risks and compliance, in the past the responsibility of the audit and compliance committee of the alphabet.

Alphabet will also establish a committee of senior vice president to address organizational issues and compliance, and to submit reports to Pichai, a compliance committee consisting of Google Products team and internal compliance experts.

The shareholders were accused by two pension funds in Michigan CEOs and Google directors of violating their credit duties by exposing the company to combat monopoly related to its research, advertising and Android technology and the distribution of applications.

“These reforms, which were rarely achieved in the work of the shareholders derivative, constitutes a comprehensive reform of the position of alphabet compliance,” said the shareholders’ lawyers, which led to “changing the deep culture.”

The changes should remain in place at least four years. The shareholders will not be paid.

Google denied any violations of approval of stability. Mountain Vio, in California, did not immediately respond to suspension requests on Monday.

The agreement was revealed on the same day that the American boycott judge, Amit Mihata, was completed in Washington, which the last Google found that Google violated the Federal Monopathic Act to maintain the dominance of research, a hearing to consider how to address monopoly.

Mihata plans to judge August. The US Department of Justice suggested that Google claim to sell Chrome browser and share search data with competitors.

The derivative lawsuit is the place where the shareholders sue officials on behalf of a company.

The shareholders’ lawyers are planning to search for up to $ 80 million to obtain legal fees and expenses, in addition to $ 500 million. They did not immediately respond to suspension requests.

The case in Re: Alphabet Inc Recommended litigation, the American boycott court, Northern County in California, No. 21-09388.

(Participated in the reports of Jonathan Stempble in New York, edited by Franklin Paul)