Google parent Alphabet sued by shareholder over payouts to execs accused of misconduct
A shareholder filed a lawsuit Thursday against Google parent Alphabet Inc. related to a reported $90 million severance payout to former Android chief Andy Rubin, who left the company after being accused of sexual misconduct. The suit, filed by shareholder James Martin, claims Alphabet failed in its duties to shareholders by attempting to cover up the misconduct. It seeks three new, independent board members and the reimbursement of severance payouts to executives who left under a cloud of misconduct. Rubin left the company in 2014, but the New York Times reported in October that Google had found the allegations credible but kept them secret. The Times also reported another senior executive received a severance package in the millions after being accused of sexual misconduct, while another kept his highly-paid job. The revelations upset many Google employees, and thousands staged a worldwide walkout in November. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.