SEC Defends $1.5 Million Musk Settlement After Judge Flags Red Flags

3 articles · Updated · Bloomberg · Jun 1

$1.5 million is the civil penalty the SEC told a judge was justified in its proposed settlement with Elon Musk over the agency’s Twitter stake lawsuit.
Nearly a year of negotiations led to the deal, the SEC said Monday, arguing the penalty matched the seven-figure amount its lawyers had demanded from the start.
Musk and the other defendants had pushed for a much smaller penalty in settlement talks, the filing said, framing the final amount as a concession.
The defense came after the judge raised concerns about the proposed terms, signaling the settlement still faces court scrutiny before it can end the case.

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