The U.S. District Judge ruled Trevor Milton must pay Nikola $167.7 million for misleading investors about the company's projects, reaffirming the arbitration panel's decision.
Judge Diane Humetewa upheld the arbitration panel's decision, stating they acted within their authority regarding Milton's liability for Nikola's significant civil fraud settlement.
As part of the ruling, the panel concluded Milton was responsible for 97% of the $125 million penalty Nikola faced for civil fraud, along with $46.5 million in legal fees.
Nikola's attorney expressed satisfaction with the court's ruling, highlighting Milton's history of providing false and misleading statements to investors, indicating a pattern of deceptive conduct.
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