Google to Overhaul Compliance After Shareholder Lawsuit

Google has agreed to spend $500 million over ten years to overhaul its compliance structure as part of a settlement to resolve shareholder litigation alleging antitrust violations. The settlement, which is subject to court approval, requires the creation of a standalone board committee for risk and compliance, a senior vice president-level committee, and a compliance committee of product managers and internal experts. The reforms are intended to address claims that Alphabet executives exposed the company to antitrust risks in its search, advertising, Android, and app distribution businesses. Shareholders led by Michigan pension funds will not receive any payout, but the changes, which must remain for at least four years, are expected to drive substantial culture change at Alphabet. Google denied wrongdoing and said the changes aim to avoid lengthy litigation and reflect its commitment to compliance. The agreement comes as legal proceedings continue in Washington, where remedies for Google's search monopoly are being considered.