Market Movers

Google settles suit; stock split apt to follow

Google’s cofounders, Sergey Brin (left) and Larry Page.

Associated Press/file 2008

Google’s cofounders, Sergey Brin (left) and Larry Page.


Google resolved a lawsuit blocking a long-delayed stock split, clearing the way for a new class of nonvoting shares. The settlement prevents a trial that threatened to cast Google’s cofounders in an unflattering light. The suit by the Brockton Retirement Board and shareholder Philip Skidmore alleged the founders engineered the split in a way that unfairly benefits them. Google says the split ensures the founders have the power to make bold bets like those that helped increase the company’s value by more than $260 billion over nine years. The split calls for a new class of ‘‘C’’ stock with no voting power.

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