The Steady Drip: Google Settles by Spending $500M for Compliance Revamp (Connecting the Dots: Google Running The World? Sundar Pichai, Eric E. Schmidt, Economic Club of Washington, Vernon E. Jordan Jr, Bill & Chelsea Clinton, NSA, Commercial Club of Chicago, Microsoft, John Kerry’s Brother Cameron Kerry & Soros Funding, All Networking)

Google Settles by Spending $500M for Compliance Revamp (Connecting the Dots: Google Running The World? Sundar Pichai, Eric E. Schmidt, Economic Club of Washington, Vernon E. Jordan Jr, Bill & Chelsea Clinton, NSA, Commercial Club of Chicago, Microsoft, John Kerry’s Brother Cameron Kerry & Soros Funding, All Networking)

Newsmax.com

Monday, 02 June 2025 10:48 AM EDT

Google co-founders Sergey Brin, left, and Larry Page pose at company headquarters in Mountain View, California, six years after launching Google in 1998. (Ben Margot/AP/2004 file

https://www.newsmax.com/finance/streettalk/google-settlement-500-million/2025/06/02/id/1213248/

Google agreed to spend $500 million over 10 years to overhaul its compliance structure, to settle shareholder litigation accusing the search engine company of antitrust violations, settlement papers show.

The preliminary settlement of so-called derivative litigation against officials at Google parent Alphabet , including Chief Executive Sundar Pichai and Google co-founders Sergey Brin and Larry Page, was filed late Friday.

It requires approval by U.S. District Judge Rita Lin in San Francisco.

The changes include creating a standalone board committee to oversee risk and compliance, previously the responsibility of the Alphabet board's audit and compliance committee.

Alphabet would also create a senior vice president-level committee to address regulatory and compliance issues, reporting to Pichai, and a compliance committee consisting of Google product team managers and internal compliance experts.

Shareholders led by two Michigan pension funds accused Google executives and directors of breaching their fiduciary duties by exposing the company to antitrust liability related to its search, Ad Tech, Android and app distribution businesses.

"These reforms, rarely achieved in shareholder derivative actions, constitute a comprehensive overhaul of Alphabet's compliance function," resulting in "deeply rooted culture change," the shareholders' lawyers said.

The changes must remain in place at least four years. Shareholders would not be paid.

Google denied wrongdoing in agreeing to settle. The Mountain View, California-based company did not immediately respond to requests for comment on Monday.

The accord was disclosed the same day U.S. District Judge Amit Mehta in Washington, who last August found Google violated federal antitrust law to maintain dominance in search, completed a hearing to consider how to address the monopoly.

Mehta plans to rule by August. The U.S. Department of Justice has proposed requiring Google to sell its Chrome browser and share search data with rivals.

A derivative lawsuit is where shareholders sue officials on behalf of a company.

The shareholders' lawyers plan to seek up to $80 million for legal fees and expenses, on top of the $500 million. They did not immediately respond to requests for comment.

The case is In re: Alphabet Inc Shareholder Derivative Litigation, U.S. District Court, Northern District of California, No. 21-09388.

Google's Eric Schmidt talks about how to run the world (not that he wants to) (Past Research on Google)

Monday, February 19, 2018

https://thesteadydrip.blogspot.com/2018/02/googles-eric-schmidt-talks-about-how-to.html

June 9, 2008 | 3:48 pm

http://latimesblogs.latimes.com/technology/2008/06/googles-eric-sc.html

Despite its famous motto of "Don't be evil," there are some in the dark corners of the Web who speculate that Google's real plan is to take over the world. Google Watch features headlines such as "Google Must be Stopped," and "Is Google God?" The site Google World Domination even has a countdown clock, which indicates that the Skynet-type moment when we will all be slaves to the mighty Google algorithms will take place in roughly 6 years and 192 days. (Interestingly, the site, which includes a creepy video, features ads by Google, demonstrating how insidious that plot actually might be)

With that type of speculation out there, it's news any time a Google executive talks about running the world.

And that's exactly what Google Chief Executive Eric Schmidt did today, sort of.

He didn't say that Google wanted to run the world. But he did offer an interesting suggestion to a crowd of power players in Washington about the best way to do it: Just like Google.

"It is possible to build a culture around innovation. It is possible to build a culture around leadership. And it is possible to build a culture around optimism. Google is an example, but by no means the only example, of a culture that can be built based on relatively scalable principles. We could run our country this way. We could run the world this way."

It was meant to be an inspiring moment ...

...as Schmidt wrapped up a speech to the Economic Club of Washington during a luncheon in a packed ballroom at the Ritz-Carlton Hotel. Click here for an audio clip of Schmidt's comments.

The appearance was a homecoming of sorts for Schmidt. Vernon E. Jordan Jr., the club's president and a former President Clinton advisor, noted that Schmidt was born a few blocks away from the hotel at George Washington University Hospital, and grew up in the Northern Virginia suburbs. His mother, Ellie Schmidt, was in the audience.

Schmidt talked about cloud computing and the promise of mobile devices, all the while plugging some Google products. For the journalists sitting in the back of the room (no lunch of seared beef filet with Cabernet reduction and lemon and thyme glazed salmon filet for us), Schmidt did commisserate about the state of the newspaper industry.

"We all care a lot about this. Newspaper demand has never been higher. The problem is revenues have never been lower. So people are reading the newspaper they're just not reading it in a way where the newspapers can make money on it. This is a shared problem. We have to solve it. There's no obviously good solution right now."

One possible solution some have have floated has been for Google to use a sliver of its approximately $175 billion market cap to buy a newspaper, such as the New York Times, but Schmidt recently downplayed such an idea.

Like many Silicon Valley executives who come to Washington, Schmidt spoke broadly about technology (his speech was titled, "The Future of the Internet: Engine for Economic Growth") and did his best not to make any major news. He didn't even come close to mentioning Yahoo, let alone comment on the possibility of Google cutting a deal to place ads next to Yahoo's search results.

Schmidt opted to talk less about the nuts-and-bolts of one of the world's largest companies than the ways in which technology can shape the future. Noting that the United States was founded "by people who saw a better model," Schmidt concluded his speech with this call to arms:

"So let's be revolutionaries. Let's take this opportunity, this huge change that is before us, with technlology, and let's change businesses, communications and the way we interact, on some new principles that reflect the very best of America."

Those sound like the words of someone who might be considering a run for higher office one day, assuming Google isn't running everything by then.

-- Jim Puzzanghera

Puzzanghera, a staff writer, covers tech and media policy from Washington

Photo: Google CEO Eric Schmidt during today's speech before the Economic Club of Washington. Credit: Getty Images.

Connecting the Dots:

George Soros is the founder & chairman for the Open Society Foundations.

Open Society Foundations was a funder for the Atlantic Council of the United States (think tank).

Robert G. Liberatore was a director at the Atlantic Council of the United States (think tank) and is a director at the Economic Club of Washington.

Susan Molinari is a director at the Atlantic Council of the United States (think tank), a VP for Google Inc. and a director at the Economic Club of Washington.

David M. Rubenstein is the president of the Economic Club of Washington, the co-chairman for the Brookings Institution (think tank) and spent Thanksgiving with Joe Biden.

Vernon E. Jordan Jr. was the president of the Economic Club of Washington, is a senior counsel for Akin, Gump, Strauss, Hauer & Feld, LLP and an honorary trustee at the Brookings Institution (think tank).

Akin, Gump, Strauss, Hauer & Feld, LLP was the lobby firm for Google Inc.

Foundation to Promote Open Society was a funder for the Brookings Institution (think tank).

George Soros was the chairman for the Foundation to Promote Open Society and is the founder & chairman for the Open Society Foundations.

Open Society Foundations was a funder for the Bill, Hillary & Chelsea Clinton Foundation.

Bill & Melinda Gates Foundation was a funder for the Brookings Institution (think tank).

Sheryl K. Sandberg was a trustee at the Brookings Institution (think tank), a management consultant for McKinsey & Company and a VP for Google Inc.

Chelsea V. Clinton was an employee at McKinsey & Company, Vernon E. Jordan Jr. was a guest at her 2010 wedding, is William J. Clinton’s daughter and the vice chair for the Bill, Hillary & Chelsea Clinton Foundation.

Sundar Pichai worked at McKinsey & Company and is Chief Executive for Google.

Google Inc. was a funder for the Bill, Hillary & Chelsea Clinton Foundation.

Google Inc. was a funder for the New America Foundation.

Alan B. Davidson is a fellow at the New America Foundation and was a senior policy counsel for Google Inc.

Jonathan Soros is a director at the New America Foundation and George Soros’s son.

George Soros is Jonathan Soros’s father and was the chairman for the Foundation to Promote Open Society.

Foundation to Promote Open Society was a funder for the New America Foundation.

Eric E. Schmidt is the chairman emeritus for the New America Foundation, was the chairman for Google Inc., a funder for the New America Foundation (think tank) and a director at Apple Inc.

Laurene Powell Jobs was a director at the New America Foundation and married to Steve Jobs.

Steve Jobs was married to Laurene Powell Jobs, a co-founder & chairman for Apple Inc. and authorized Walter Isaacson to write his biography.

Apple Inc. was a funder for the Center for American Progress.

Google Inc. was a funder for the Center for American Progress.

Open Society Foundations was a funder for the Center for American Progress.

George Soros is the founder & chairman for the Open Society Foundations, was the chairman for the Foundation to Promote Open Society and a supporter for the Center for American Progress.

Foundation to Promote Open Society was a funder for the Center for American Progress and the Aspen Institute (think tank).

Walter Isaacson is the president & CEO for the Aspen Institute (think tank), a director at the Bloomberg Family Foundation and was the writer for the Steve Jobs (2011 autobiography).

Bloomberg Family Foundation was a funder for the Aspen Institute (think tank).

Google Inc. was a funder for the Aspen Institute (think tank).

L. John Doerr is a trustee at the Aspen Institute (think tank) and a director at Google Inc.

Foundation to Promote Open Society was a funder for the Aspen Institute (think tank)

George Soros was the chairman for the Foundation to Promote Open Society and a friend of Michael Douglas.

Michael Douglas is a friend of George Soros and a director at the Nuclear Threat Initiative (think tank).

Paul S. Otellini is a director at the Nuclear Threat Initiative (think tank) and a director at Google Inc.

Carnegie Endowment for International Peace (think tank) was a funder for the Nuclear Threat Initiative (think tank).

Victoria Ransom is a trustee at the Carnegie Endowment for International Peace (think tank) and was a director of product for Google Inc.

Shirley M. Tilghman is a trustee at the Carnegie Endowment for International Peace (think tank) and a director at Google Inc.

Wilmer Cutler Pickering Hale and Dorr was the lobby firm for Google Inc.

Jamie S. Gorelick was a partner at Wilmer Cutler Pickering Hale and Dorr and a trustee at the Carnegie Endowment for International Peace (think tank).

Carnegie Corporation of New York was a funder for the Carnegie Endowment for International Peace (think tank), the New America Foundation and the Atlantic Council of the United States (think tank).

Newton N. Minow is an honorary trustee at the Carnegie Corporation of New York, a member of the Commercial Club of Chicago and a senior counsel at Sidley Austin LLP.

R. Eden Martin is the president of the Commercial Club of Chicago and counsel at Sidley Austin LLP.

Michelle Obama was a lawyer at Sidley Austin LLP.

Barack Obama was an intern at Sidley Austin LLP.

Cameron F. Kerry is a senior counsel at Sidley Austin LLP, John F. Kerry’s brother, a fellow at the Brookings Institution (think tank) and was an associate at Wilmer Cutler Pickering Hale and Dorr.

Wilmer Cutler Pickering Hale and Dorr was the lobby firm for Google Inc.

Robert S. Osborne is a member of the Commercial Club of Chicago and the EVP & general counsel for Booz Allen Hamilton.

Cyrus F. Freidheim Jr. is a member of the Commercial Club of Chicago and was a managing director at Booz Allen Hamilton.

Booz Allen Hamilton is a contractor for the National Security Agency (NSA).

Edward Snowden was an employee at Booz Allen Hamilton and leaked information about the National Security Agency (NSA).

National Security Agency (NSA) was a grant recipient from the Microsoft Corporation.

William H. Gates III is a co-founder & technology adviser & director for the Microsoft Corporation and a co-chair for the Bill & Melinda Gates Foundation.

Joanne R. Harrell is a senior director, e-government programs for the Microsoft Corporation and a member of the Belizean Grove.

Kimberly Till was a VP for the Microsoft Corporation and is a member of the Belizean Grove.

Mary Agnes Wilderotter was an SVP for the Microsoft Corporation and is a member of the Belizean Grove.

Henrietta Holsman Fore is a member of the Belizean Grove and a trustee at the Aspen Institute (think tank).

Belizean_Grove is the equivalent to the male-only social group, the Bohemian Club.

Henry A. Kissinger was a member of the Bohemian Club and a lifetime trustee at the Aspen Institute (think tank).

Foundation to Promote Open Society was a funder for the Aspen Institute (think tank).

George Soros was the chairman for the Foundation to Promote Open Society.

Walter Isaacson is the president & CEO for the Aspen Institute (think tank), a director at the Bloomberg Family Foundation and was the writer for the Steve Jobs (2011 autobiography).

Bloomberg Family Foundation was a funder for the Aspen Institute (think tank).

Google Inc. was a funder for the Aspen Institute (think tank).

L. John Doerr is a trustee at the Aspen Institute (think tank) and a director at Google Inc.

Foundation to Promote Open Society was a funder for the Aspen Institute (think tank) and the Brookings Institution (think tank).

George Soros was the chairman for the Foundation to Promote Open Society.

Bill & Melinda Gates Foundation was a funder for the Aspen Institute (think tank) and the Brookings Institution (think tank).

William H. Gates III is a co-chair for the Bill & Melinda Gates Foundation and a co-founder & technology adviser & director for the Microsoft Corporation.

Pete Higgins was a group VP for the Microsoft Corporation and is a trustee at the Brookings Institution (think tank).

Cyrus F. Freidheim Jr. is an honorary trustee at the Brookings Institution (think tank), a member of the Commercial Club of Chicago and was a managing director for Booz Allen Hamilton.

Robert S. Osborne is a member of the Commercial Club of Chicago and the EVP & general counsel for Booz Allen Hamilton.

Edward Snowden an employee at Booz Allen Hamilton and leaked information about the National Security Agency (NSA).