(Reuters) – The U.S. Securities and Exchange Commission, Tesla Inc (TSLA.O) and Chief Executive Officer Elon Musk submitted a joint filing late on Wednesday in support of a settlement, saying the terms were in the best interest of investors.
FILE PHOTO: Tesla Chief Executive Elon Musk stands on the podium as he attends a forum on startups in Hong Kong, China January 26, 2016. REUTERS/Bobby Yip/File Photo/File Photo
“We therefore respectfully submit that the court should accept and enter the proposed consent judgments,” they said in a letter filed with the U.S. District Court, Southern District of New York.
Last week, a federal judge had ordered the SEC and Musk to justify their securities fraud settlement, which let Musk remain CEO, by Oct. 11.
Musk agreed to pay a $20 million fine, and step aside as Tesla’s chairman for three years, to settle charges that could have forced his exit from Tesla. The company also accepted a $20 million fine, despite not being charged with…