WILMINGTON, Delaware, Dec 13 (Reuters) - A Delaware
judge cleared the way on Friday for Elon Musk and Tesla to begin
legal appeals to try to reinstate the chief executive's
record-breaking $56 billion pay package from the electric
carmaker.
The order by Chancellor Kathaleen McCormick of the Court of
Chancery opens the 30-day window for an appeal to the Delaware
Supreme Court.
Musk and the board that approved the 2018 pay package can
appeal McCormick's ruling in January that they had breached
their fiduciary duty to investors by approving a compensation
plan she described as "unfathomable" in its size.
On Dec. 2, she declined to reconsider that ruling despite a
June vote by Tesla shareholders in favor of the package.
Tesla will also be able to appeal McCormick's order
directing the company to pay $345 million to the attorneys who
represented Richard Tornetta, the shareholder who sued in 2018
to rescind the pay package.
The Delaware Supreme Court can take around a year to issue a
ruling.