Wilmington/San Francisco — All Tesla directors except CEO Elon Musk agreed to a $60m settlement to resolve shareholder lawsuits over the company’s purchase of SolarCity, according to people familiar with the deal.

Insurers covering Tesla’s directors and executives will foot the bill as part of a so-called derivative settlement, two people familiar with the accord said on Wednesday, declining to be identified because they aren’t authorised to speak publicly about the deal...

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