Dell to pay $1B to settle suit

Dell Technologies agreed to pay $1 billion to settle a shareholder lawsuit relating to a controversial 2018 stock conversion transaction. The settlement, if approved by the court, will end the dispute over the $23.9 billion conversion of Dell stock in a deal four years ago. In that transaction, Dell founder Michael Dell and other controlling investors including Silver Lake Partners, authorized the issuance of common stock in exchange for tracking shares. The plaintiffs alleged that the transaction was billions of dollars below market value.