Settlement Approved In Google Stock Split Lawsuit - KSWO 7News | Breaking News, Weather and Sports

Settlement Approved In Google Stock Split Lawsuit

By RANDALL CHASE
AP Business Writer

WILMINGTON, Del. (AP) - A Delaware judge has approved a settlement in a shareholder lawsuit challenging Google Inc.'s plans for a stock split that includes issuing a new class of nonvoting shares.

Monday's ruling clears the way for the Internet search leader to issue a new class of nonvoting stock for each share of existing voting stock.

The stock split is designed to ensure that co-founders Larry Page and Sergey Brin retain control of Mountain View, Calif.-based Google. The two own about 15 percent of Google's outstanding stock, but they hold 56 percent of shareholder voting power.

Google argued that by creating a new class of nonvoting shares, the company can continue to reward employees with stock and finance potential acquisitions without undermining the voting power of Page and Brin.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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