Google to spend $500M refitting compliance form

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.

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

It requires approval by US 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 Mr. Pichai, and a compliance committee consisting of Google product team managers and internal compliance experts.

Google denied wrongdoing in agreeing to settle.