Nissan Motor Co. has agreed to settle a class action suit by investors who said they were misled about a compensation plan that allegedly saw former Chairman Carlos Ghosn be overpaid, according to a court filing.
Ghosn and Greg Kelly, who was a director at the automaker, were arrested in Japan in November 2018 on accusations they understated Ghosn’s income by more than $80 million. Ghosn, who also faced other charges he misdirected Nissan funds for his own gain, escaped trial in Japan in late 2019 and is now in Beirut, while Kelly is in Tokyo facing trial.
Nissan is settling the civil lawsuit in Tennessee on behalf of itself, Ghosn and Kelly, people with knowledge of the matter said. Attorneys for Kelly had been seeking to compel Nissan and its law firm, Latham & Watkins LLP, to hand over evidence in the proceedings, according to filings.