Former CEO Parag Agrawal and others sue Twitter over $1 mn in unpaid legal fees

Former Indian-origin Twitter CEO Parag Agrawal, ex-legal head Vijaya Gadde and former chief monetary officer Ned Segal have sued Elon Musk-run Twitter over unpaid legal payments in extra of $1 million.

In October final yr, Musk knowledgeable Agrawal, Gadde and Segal that their employment with the corporate was terminated as he took management of the micro-blogging platform.

According to the most recent lawsuit filed in the Delaware Chancery Court in the US, the trio alleged that Twitter has to pay them greater than $1 million for legal fees they incurred whereas on the firm to reply to queries by the Department of Justice and Securities and Exchange Commission (SEC) in a number of hearings.

Agrawal and Segal have been named as defendants in the Securities Class Action in September whereas each nonetheless have been working at Twitter.

Gadde was named as a defendant in the Securities Class Action in February this yr, when plaintiffs in that motion filed an Amended Class Action Complaint, in line with the lawsuit.

“Their involvement in the Securities Class Action is by motive of their earlier roles as officers of Twitter and accordingly Agrawal,Gadde,and Segal are entitled to development of Expenses incurred in connection therewith,” the lawsuit learn.

According to the courtroom submitting, the trio incurred important bills, together with however not restricted to attorneys fees and prices, in reference to a number of proceedings in which plaintiffs are concerned by advantage of their former roles as officers of Twitter, and “accordingly are entitled to development of these fees and prices”.

According to stories, these three high executives had an exit package of round $90-100 million after they left Twitter.

Agrawal was set to obtain the biggest payout at round $40 million, largely due “to the whole thing of his shares vesting upon his firing”.

Segal was set to obtain greater than $25 million whereas Gadde, the then chief legal officer at Twitter, was to be richer by greater than $13 million.

(With inputs from IANS)