Alphabet (GOOG) received preliminary court approval for a $500 million settlement aimed at resolving shareholder derivative action, according to a court document filed Tuesday.
US District Judge Rita Lin granted initial approval in California's Northern District court.
The lawsuit accused company leadership of engaging in monopolistic and anticompetitive practices, and the company will spend $500 million over the next 10 years to improve its compliance systems, according to previous court documents.
Alphabet did not immediately respond to a request for comment by MT Newswires on Wednesday.
Shares of the company were up 2.8% in recent Wednesday trading.
Price: 180.00, Change: +4.84, Percent Change: +2.76
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