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
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.