Google settles lawsuit over planned stock split

Google has settled a lawsuit brought on by shareholders after the company announced plans for a stock split earlier this year, Reuters reported. Investors were initially upset with Google and claimed the split would give founders Larry Page and Sergey Brin more control of the company. Google announced plans to issue a new class of nonvoting stock that would be issued as a dividend to investors, that would be used for future acquisitions and that would not take away from Page and Brin’s control of the company. Google’s current setup gives Class A shares one vote, while Class B shares, such as those owned by Page and Brin, carry 10 votes each. The settlement will give Class C stock holders a cash or stock payment if the stock’s value differs by more than 1% from the value of Class A shares.