Uber to pay $245M to settle theft allegations

Uber to pay $245M to settle theft allegations

As part of the deal, company officials said, Uber has agreed to pay 0.34 percent of the company's equity at a $72 billion valuation - a sum that exceeds $244 million.

Khosrowshahi's statement added that Uber does not believe that his company acquired trade secrets from Waymo or used any proprietary information in its self-driving technology. He said Waymo made a compelling showing that Levandowski absconded with its files and that Uber "knew or should have known" that when it brought him aboard. Matters involving Uber's acquisition of self-driving truck company Otto - launched by former Google employee Anthony Levandowski - were also of concern to Waymo, as well Levandowski's possession of confidential files.

Uber has agreed to settle the lawsuit brought against it by Waymo for theft of some of the company's trade secrets.

Uber and Waymo are rivals in the nascent automated driving industry, which both companies believe to be worth hundreds of billions of dollars a year in revenue.

The payment, to be made in Uber's stock, is a fraction of the almost $2 billion in damages that a Waymo expert had estimated Uber's alleged theft had caused.

Witnesses like Alphabet CEO Larry Page and Levandowski were expected to appear at some point this week at the federal court session in San Francisco, but the this settlement has put an end to that.

Waymo charged in its lawsuit that former Uber CEO Travis Kalanick teamed up with ex-Google engineer Anthony Levandowski to steal LIDAR laser sensor technology, which serves as the eyes of self-driving vehicles. The judge in the case didn't allow that figure into the trial.

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In 2003, 21 died in a horrific accident after a double-decker bus collided with a truck and fell off a bridge. The bus was en route from Sha Tin to Tai Po Center when it overturned and apparently hit a lamppost.

Presumably, Uber execs had simply had enough and didn't want its business being openly discussed in a courtroom any longer - all of the negative PR surrounding such a situation can wear on the company in multiple ways.

Including the settlement, the cost of that Otto deal is now almost $1 billion, without factoring in Uber's legal bills in the case. Uber bought Levandowski's start-up, Otto, for $680 million in 2016. Kalanick has acknowledged discussing plans for Otto with Levandowski before he started it, though both he and Uber deny using any Google technology to build a fleet of self-driving cars.

As reported by Gizmodo, Waymo had a list of more than 100 claims of trade secret violations it was prepared to fight for, though only eight were presented at trial. Over the past year, you've been distracted from your mission. "He sort of was a little angsty and said, 'Why are you doing my thing?'" Kalanick recalled.

The actions helped lead to a compromise.

Despite the result, ex-Uber CEO Travis Kalanick has been quoted as saying: "Had the trial proceeded to its conclusion, it is clear Uber would have prevailed".

A spokesman for Waymo said the company "reached an agreement with Uber that we believe will protect Waymo's intellectual property now and into the future".

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