Alphabet settles with shareholders over Google antitrust lawsuit

Google is still waiting to hear how it will have to address its monopoly in the search engine business — it plans to appeal the judgement — but in the meantime, it also has to answer to its shareholders. According to a report from The Financial Times, Google's parent company Alphabet has reached a preliminary settlement with shareholders who were also suing the company for allowing Google's anticompetitive behavior, which they believe exposed the company to "reputational damage" and "substantial costs." The new settlement will reportedly force Alphabet to rebuild its "global compliance structure" and will cost the company a minimum of $500 million over the next 10 years to make it happen. At its most basic, this means establishing some kind of committee within the Alphabet board to oversee regulatory issues, of which Google has accrued many in the last few years. "A new body made up of senior executives would meanwhile report directly to chief executive Sundar Pichai," FT writes, whi ... Read full article.