The shareholder lawsuits will go nowhere according to the business judgment rule, unless the board is engaged in illegal behavior. If Google chose not to collude with Facebook or lie to their customers about providing the best price, shareholders would have no cause to sue.

Now that this has come to light, they may be more likely to sue if it’s deemed that information about project Jedi was withheld from shareholder reports and that information was important to understanding Google’s returns in banner ad auctions.