PHOENIX — A New York-based arbitration panel awarded Nikola Corp. $165 million in a proceeding with Trevor Milton, the Phoenix-based company’s founder and former executive chairman.
Nikola (Nasdaq: NKLA) sought reimbursement from Milton for expenses and damages related to “actions that were the subject of government and regulatory investigations,” including a settlement with the U.S. Securities and Exchange Commission and associated civil penalty, according to a regulatory filing.
The arbitration panel in New York ruled in Nikola’s favor on Oct. 20.
Milton was found guilty of fraud in October 2022 based on allegations that he lied about the electric vehicle company’s technology and capabilities to inflate its stock price.
