News Summary: Google moves closer to stock split

News Summary: Google removes barrier to stock split, setting stage for new class of shares

Associated Press

TIME TO SPLIT: Google settled a class-action lawsuit that prevented the Internet search company from following through on a stock split announced 14 months ago. It clears the way for a split later this year.

THE DISPUTE: The class-action lawsuit in a Delaware court alleged Google Inc. co-founders Larry Page and Sergey Brin engineered the split in a way that unfairly benefits them while shortchanging the rest of the company's shareholders.

BUYING PEACE: Owners of a new class of Google stock could be paid next year if their shares trade below an existing category of stock.

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