Twitter’s former CEO Parag Agarwal, ex-legal head Vijaya Gadde and former chief financial officer Ned Segal have sued Elon Musk-run Twitter over $1 million legal bills that are still outstanding. Musk informed Agarwal, Gadde and Sehgal about the termination of their employment in October last year after they took control of the micro-blogging site.
According to the latest lawsuit filed in the Delaware Chancery Court in the US, the three allege that Twitter owed them more than $1 million for legal fees the company incurred in answering questions asked by the Department of Justice and the Department of Securities and Exchange. have to pay. Commission (SEC) in several hearings. Aggarwal and Sehgal were named as defendants in the securities class action in September while both were still working at Twitter.
Mattresses was named as a defendant in the securities class action in February of this year after the plaintiffs filed an amended class action complaint, according to the lawsuit. “Their participation in the securities class action is due to their past roles as executives of Twitter and accordingly Agarwal, Gadde and Sehgal are entitled to advancement of expenses incurred in connection therewith,” the lawsuit read.
According to court filings, the trio incurred significant expenses, including but not limited to attorneys’ fees and costs, in connection with the multiple proceedings, in which the plaintiffs are involved by virtue of their prior roles as executives of Twitter, and “Accordingly entitled to advancement” of those fees and costs”. According to reports, these three top executives had an exit package of around $90-100 million when they left Twitter.
Agarwal was set to receive the largest payout of approximately $40 million, largely because “the entirety of his shares vested upon his dismissal”. Sehgal was set to receive more than $25 million, while Gadde, Twitter’s then-chief legal officer, was about to be richer by more than $13 million.
(With inputs from IANS)
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