eBay Execs Who Got IPO Shares to Pay $3 Million

EBay Inc. said on Thursday its chief executive and two early leaders will pay $3 million to settle a shareholder lawsuit alleging they received shares in hot stock offerings from their investment bankers. EBay CEO Meg Whitman, chairman and founder Pierre Omidyar, and former eBay Vice President Jeffrey Skoll agreed to give eBay the proceeds from IPO shares they got from Goldman Sachs between 1999 and 2001, according to a settlement deal submitted for approval to the Delaware Chancery Court.

News source: Reuters

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