Virgin Galactic Holdings Inc. founder Richard Branson and other company leaders received a federal court’s final approval Friday of a settlement on behalf of the company over alleged safety misrepresentations.
The leaders’ insurers will pay the space tourism company $2.75 million and Virgin Galactic will implement corporate governance changes under the terms of the settlement, Judge Orelia E. Merchant said for the US District Court for the Eastern District of New York.
Merchant also approved attorneys’ fees that are high relative to the cash payout but only about one-third of the billables in the four-year-old derivative litigation.
Thomas Spiteri and ...
