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A Tesla shareholder who owned just nine shares of stock in the company sued to block the 2018 compensation agreement. In addition to blocking the package this week, the judge in the case, Delaware Chancellor Kathaleen McCormick, awarded the plaintiff's attorneys $345 million, which Reuters reported is “one of the largest fee awards ever in securities litigation.” The Associated Press reported that “the fee award amounts to almost exactly half the current record $688 million in legal fees awarded in 2008 in litigation stemming from the collapse of Enron.” The ruling was widely criticized as government overreach into the private sector. Cathie Wood, founder and CEO of ARKinvest, called the ruling a "mockery." "Adding judicial insult to injury, Delaware Judge McCormick has ordered #Tesla shareholders to pay the plaintiff’s lawyers $345 million! The plaintiff owned 9 shares of $TSLA," Wood wrote on X. "McCormick is making a mockery of the sense of fairness essential to our American judicial system." Pershing Square CEO Bill Ackman wrote: "This decision and the payola for lawyers is absurd. We are going to see a migration of Corporate America from Delaware." The unique compensation package was high risk, high reward. If Musk hit all of his target goals to make the company hugely successful, as he did, then he would be awarded the compensation package. If he did not hit those marks, he would receive zero dollars. Musk and Tesla vowed to appeal. McCormick first voided the pay agreement in January, saying it was unfair and that the Tesla board did not negotiate well enough with Musk. In response, a supermajority of more than 70% of Tesla shareholders voted to approve the payment package for Musk earlier this year, but again McCormick sided this week against Musk and Tesla shareholders. Musk called the ruling a form of “lawfare.” “Shareholders should control company votes, not judges,” Musk wrote on X. Many other Tesla shareholders blasted the decision and the attorney fee decision. "The lawyers, judges, and attorneys did not create net-positive shareholder value from this clownery," Alex Guichet, who said he is a Tesla employee, wrote on X. "They do not deserve a single dollar. We employees did. We supported the shareholder vote with our own yes votes too. This is wrong on so many levels." Shareholder Jeremy Goldman wrote: "The majority of the owners of the company have made their desires known and it's just crazy that a single judge can basically say haha, no. I don't really care what you want. Also pay a few hundred million for the privilege of being ignored." The plaintiff's attorneys praised the ruling. “We are pleased with Chancellor McCormick’s ruling, which declined Tesla’s invitation to inject continued uncertainty into Court proceedings and thank the Chancellor and her staff for their extraordinary hard work in overseeing this complex case,” attorneys from Bernstein, Litowitz, Berger & Grossmann, the firm representing Musk’s opponents, said in a statement. A November 2024 study published by the U.S. Chamber of Commerce Institute for Legal Reform found tort costs amounted to $529 billion in 2022, or 2.1 percent of U.S. GDP. The study found that excessive tort costs hurt the economy. "In addition to having a substantial aggregate cost on the economy, a large portion of the total tort-related expenditures go toward litigating and defending claims and lawsuits rather than compensating claimants,” authors of the study wrote.
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Ruth Icenogle McCann, retired real estate broker, died peacefully on November 25, 2024, in Statesboro, Georgia, where she was under the care of Regency SouthernCare Hospice at Willow Pond Assisted Living and Suites. She was born in Atlanta, Georgia, on December 28, 1931, to parents, Inez Allen Icenogle and Karl Luster Icenogle Sr. Ruth grew up in Buckhead and was an active member of the Covenant Presbyterian Church. Upon graduating from North Fulton High School in Atlanta, she attended and later graduated from Huntington College in Montgomery, Alabama, in 1951 with a degree in religion. She began her early career as a church administrative secretary before taking a position with an Atlanta law firm as a legal secretary. This sparked her interest in the law, and she attended Emory University School of Law in the evening as one of few women at that time. After a year, she determined balancing the schedule of work and law school to be too difficult. However, she did discover a keen interest in real estate law, which would guide her future professional career. Ruth met Robert Russell "Bob" McCann of Atlanta at a dance at the Piedmont Driving Club, when he literally “swept her off her feet.” They married six months later on June 23, 1956. Within the first four years of marriage, they had three children, and Ruth became a busy stay-at-home mother. It was during this time in 1957 that she and her husband moved to Avondale Estates, Georgia, where she would spend the next 64 years as an active member of her community. She was a faithful member of Holy Trinity Episcopal Parish Church, Decatur, where she was in Daughters of the King. Due to health reasons, she moved to Statesboro in 2021 to live closer to her daughter. Ruth was most widely known in Atlanta as one of the formative women realtors, serving DeKalb County over her 40-year career, starting out as a saleswoman and later sales manager of Walter Scott Realty, Decatur. She later established Ruth McCann Realty in Avondale Estates in order to concentrate on her community and the surrounding areas. Her distinguished career included: DeKalb Young Council of Realtors, board of directors of the Metro Listing Service, president of the Certified Residential Specialists Diamond Chapter, president of Certified Residential Brokers, recipient of the Georgia Association of Realtors Scholarship Foundation Life Membership Award, president of the DeKalb Board of Realtors, Baron DeKalb Award recipient from the DeKalb Board, DeKalb Board of Realtors “Realtor of the Year,” Metro Listing Service Outstanding Achievement Award, National Association of Realtors, member of Who’s Who of American Women, graduate of the Georgia Realtors Institute and Real Estate Brokerage program, founder and president of the Women’s Council of Realtors, regional vice president of the Women’s Council of Realtors and she was a life member of the DeKalb Board of Realtors’ Million Dollar Club. She received the prestigious Mary Nelson Realtor Spirit Award from the DeKalb Board of Realtors in 1996. Ruth believed in professional standards of excellence and did all she could to promote a growing industry and home ownership for all people. Ruth served on the DeKalb County Young Life Committee when her daughters were active in the ministry in high school. She became an alumna initiate of Zeta Tau Alpha’s Zeta Xi Chapter at Georgia Southern University, joining her mother, daughter and granddaughter as a ZTA. She was a member of the Atlanta Alpha Alumnae Chapter of ZTA. As a retiree, she joined the Decatur Rotary Club and enjoyed staying abreast of economic development in her beloved Decatur and Avondale Estates. She was a member of the Avondale Community Club, Avon Garden Club of Avondale Estates, the Avondale Woman’s Club and the Druid Hills Golf Club in Decatur, as well as served as the Georgia president of the Magnolia Chapter of the American Cut Glass Association. Ruth took active interest in business, politics, gardening and genealogy. She loved to travel intercontinentally and abroad. Her love of people, knowing “their story,” and making connections was evident to all she met. Ruth was preceded in death by her parents, her husband, her brother, Karl Luster Icenogle Jr.; and her son, Robert Russell McCann Jr. She is survived by her daughters, Alice McCann (Harry) Mathews, Statesboro; and Carole McCann (Mike) Ketterbaugh, Macon; her grandchildren, Ruth Lovett McMullen, Milledgeville; Harry “Smith” (Sage) Mathews Jr., Savannah; William “Robert” (Holly) Lovett, Decatur; Allen McCann Mathews, Statesboro; Pratt Edward (Sally) Mathews, Statesboro; and six great-grandchildren. Ruth is also survived by beloved nieces and nephews and their families. A special appreciation goes to the staff of Willow Pond Assisted Living and Suites and her caregiver, Gertrude Brown, for providing a loving and safe home these last three years. A celebration of life service will be held at Holy Trinity Parish Episcopal Church, Decatur, on Thursday, December 12th, at 2 p.m. Ash scattering will be in the Holy Trinity Parish Episcopal Church’s Memorial Garden. Memorial contributions may be made to the Holy Trinity Parish Episcopal Church, 515 East Ponce de Leon Avenue, Decatur, GA 30030; or Young Life at giving.younglife.org, Macon Area – GA160 or Statesboro Area – GA173. Friends may sign the online register book at www.joineranderson.com. Joiner-Anderson Funeral Home & Crematory of Statesboro is in charge of arrangements. Statesboro Herald, December 3, 2024 Sign the Legacy online guestbook at www.statesboroherald.com.
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Jiuzi Holdings Terminates Deal Negotiations With Shenzhen MaigesongSocial media users are misrepresenting a Vermont Supreme Court ruling , claiming that it gives schools permission to vaccinate children even if their parents do not consent. The ruling addressed a lawsuit filed by Dario and Shujen Politella against Windham Southeast School District and state officials over the mistaken vaccination of their child against COVID-19 in 2021, when he was 6 years old. A lower court had dismissed the original complaint, as well as an amended version. An appeal to the U.S. Supreme Court was filed on Nov. 19. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.