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Uber Settles Waymo Lawsuit for $245 Million
Uber Technologies Inc. has agreed to pay $245 million in stock to automated car developer Waymo to settle Waymo’s lawsuit, which claims Uber stole some of its technology.
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Uber Technologies Inc. has agreed to pay $245 million in stock to automated car developer Waymo to settle Waymo’s lawsuit, which claims Uber stole some of its technology.
The settlement represents one-third of one percent of Uber’s $72 billion market evaluation. Sources tell Reuters that Uber’s board rejected an earlier offer by Waymo to accept $500 million to settle the lawsuit.
Uber continues to insist that it never received and hasn’t used any Waymo trade secrets. Under terms of the settlement, Uber pledges it won’t utilize any Waymo confidential data in its own efforts to develop autonomous vehicle hardware and software.
Waymo’s lawsuit, which began a year ago, claimed that former employee Anthony Levandowski stole 14,000 secret documents about Waymo’s laser sensor development work. Waymo claimed the data was turned over to Uber when Uber hired Levandowski in 2016.
The lawsuit spawned a continuing series acrimonious charges of wrongdoing by each company about the other. A jury trial over Waymo’s claims began on Monday.
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