Facebook Settles Investor Suit Over Claim of Excessive Pay
- Social networking company agrees to keep closer watch
- Facebook, Zuckerberg were sued over 2012 incentive plan
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Officials of Facebook Inc., owner of the world’s largest social network, settled a shareholder lawsuit by agreeing to revise pay schedules and keep a closer watch on how company officials are compensated.
Investor Ernesto Espinoza sued Facebook and controlling shareholder Mark Zuckerberg saying a 2012 pay plan improperly allowed directors to set their own pay and that Zuckerberg exceeded allowable compensation for some senior officials.