Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Monday, February 18, 2019 11:19:21 AM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

Uber puts $245m scandal behind

photo by

By
11th-Feb-2018       
Comments
Share your thought
Post a comment »
Read all () »

Reuters :
Uber Technologies Inc will pay $245 million worth of its own shares to Alphabet Inc's Waymo self-driving vehicle unit to settle a legal dispute over trade secrets, allowing Uber's chief executive to move past one of the company's most bruising public controversies.
The settlement announcement on Friday brought an abrupt halt to the captivating case just before the fifth day of testimony was to begin at a jury trial in federal court in San Francisco.
In a lawsuit filed last year, Waymo said that one of its former engineers who became chief of Uber's self-driving car project took with him thousands of confidential documents.
The lawsuit cost Uber precious time in its self-driving car ambition, which is a key to its long-term profitability. Uber fired its self-driving chief after Waymo sued, and it is well behind on its plans to deploy fleets of autonomous cars in one of the most lucrative races in Silicon Valley.
The settlement allows Uber's chief executive officer, Dara Khosrowshahi, to put another scandal behind the company and move ahead with development of self-driving technology, following the tumultuous leadership by former CEO Travis Kalanick, who testified at the trial on Tuesday andWednesday.
As part of the deal, Waymo gets a 0.34 percent stake in Uber, worth about $245 million based on Uber's current $72 billion valuation, a Waymo representative said. The settlement includes an agreement to ensure that Waymo confidential information is not being incorporated into Uber technology, which Waymo has said was its main goal in bringing the lawsuit.
In settlement talks last year, Waymo had sought at least $1 billion from Uber, and wanted an independent monitor to ensure that Uber would not use Waymo technology in the future, Reuters reported. Waymo also asked for an apology. Uber rejected those terms as non-starters.
Waymo had agreed earlier this week to a settlement proposal valued at $500 million, and Khosrowshahi brought the proposal to the Uber board of directors, offering his support.
But Uber's board rejected those terms on Tuesday, two sources familiar with the discussions said, sending Khosrowshahi and chief legal officer Tony West back to renegotiate.
In the interim, the famously pugnacious Kalanick testified in court, maintaining a calm demeanor as he answered questions about Uber's soured relationship with Alphabet and his admiration for Anthony Levandowski, the self-driving-car engineer whose actions led to the lawsuit.
After four days of testimony, Waymo had presented little public evidence that Uber used Waymo's trade secrets.
By late Thursday, Waymo agreed to the $245 million deal, one of the sources said.
In a statement on Friday, Khosrowshahi expressed "regret" for Uber's actions.
"While we do not believe that any trade secrets made their way from Waymo to Uber, nor do we believe that Uber has used any of Waymo's proprietary information in its self-driving technology, we are taking steps with Waymo to ensure our Lidar and software represents just our good work," Khosrowshahi said in a statement.

Tariff
Add Rate

News Archive

Inside The New Nation

Editorial »

Take hard-line against tax eviction by working foreigners


THE international organisations and development partners working in Bangladesh did not surrender or renew the Customs Passbooks of their 395 non-Bangladeshi staff till the date. The National Board of Revenue had directed them to complete the task within the January 31 deadline, newspapers reported. According to NBR, employees of 21 ...

City »

40 DU students get Sumitomo Corporation Scholarship


City Desk  :A total of 40 under-graduate students from different academic years of Dhaka University (DU) have been awarded Sumitomo Corporation Scholarship of Japan today February 17, 2019 at Nabab Nawab Ali Chowdhury Senate Bhaban of the university.Dhaka University Vice-Chancellor Prof. Dr. Md. Akhtaruzzaman presided over the function while Treasurer ...

Cricket »

Sri Lanka sensation Perera hailed for Test-winning heroics


AFP, Colombo :Kusal Perera became a national hero in Sri Lanka on Sunday after scoring an unbeaten 153 to guide his country to a sensational first Test victory in South Africa.The country's cricket legends and politicians lauded Perera, who has become a linchpin for the ailing national side since fighting ...

International »

Japan PM nominated Trump for Nobel after US request


AFP, Tokyo :Japan's Prime Minister Shinzo Abe nominated US President Donald Trump for the Nobel Peace Prize last autumn after being requested to do so by Washington, a Japanese newspaper reported Sunday.Washington sounded out Tokyo over the possibility of nominating Trump for the prize after his landmark summit with North ...

Entertainment »

Shraddha Kapoor obliges fans amidst a busy schedule


Actress Shraddha Kapoor obliges for some selfies with her fans amidst a busy schedule. The actress was pictured today in London where she is working on her upcoming project Street Dancer 3D. The official Instagram handle of Manav Manglani had recently posted pictures of her taking selfies for her fans ...

Editorial »

Ensure safety for patients in the hospitals by any means


CITY'S Shaheed Suhrawardy Medical College Hospital has started operations after a messy situation caused by fire on Thursday evening. Director of the SSMCH said a total of 1,174 patients, including 72 children, were shifted to other government hospitals after the fire originated at the children's ward on the second floor ...

Sports »

Stunned Japan swimmers back stricken Olympic pin-up Ikee


AFP, Tokyo :Japanese swimmers have vowed to step up their efforts in support of Rikako Ikee, the poster girl for the 2020 Tokyo Olympics who has announced she is suffering from leukaemia.Earlier this week, the 18-year-old swim queen tweeted that she had cut short a training camp in Australia after ...

Football »

Capoue sends Watford into FA Cup quarter-finals at QPR's expense


Etienne Capoue's goal in first-half stoppage time was enough to give Watford a 1-0 win away to Queens Park Rangers (QPR) on Friday that saw the Hornets into the quarter-finals of the FA Cup.Both sides had opportunities in an even opening period that belied the fact that Watford are eighth ...

International »

Turkey has not revealed all about Khashoggi killing : Erdogan


AFP, Ankara :Turkey has not yet revealed all the information it has discovered about the killing of journalist Jamal Khashoggi in the Saudi consulate in Istanbul, President Recep Tayyip Erdogan said Friday."We haven't given all the elements we have at our disposal," the Turkish head of state said during an ...

Entertainment »

Fagun Haway' draws huge acclamation


Entertainment Desk :The premier show of 'Fagun Haway', a movie based on the 1952 Language Movement, draw a large number of film loving people at cinema halls.Actor turned director Tauquir Ahmed directed the movie which was released simultaneously at 52 cinema halls across the country.The story of the movie was ...

City »

The Namaz-e-Janaza of Poet Al Mahmud was held at the Jatiya Press Club on Saturday.


Editorial »

Save the Sunderbans to save the Royal Bengal Tigers


FOR the constant rise in sea levels and rapid climate change, the famous Royal Bengal Tigers of the Sunderbans could be disappeared within 50 years, especially from the Bangladesh part, according to a new study published recently in the journal Science of The Total Environment. A team of Bangladeshi and ...

City »

Members of RAB-2 nabbed one on Friday from Narayanganj for taking money from government officials from different areas in the country impersonating Anti-Corruption Commission official.


.

Cricket »

Feels like it`s a blessing to just be playing again: Steyn


Agency :Dale Steyn, the South African mainstay, continued to impress on his comeback trail, as he bowled at high pace and picked up four wickets over a long spell on Day 2 of the first Test of the two-match series versus Sri Lanka in Durban.The veteran fast bowler bowled at ...

Entertainment »

Shanta Jahan feels comfortable in hosting


Sheikh Arif Bulbon :Popular host of present time Shanta Jahan has to be engaged with hosting round the year in and outside the country in different stage shows and TV programmes. Besides hosting, she has more identities. She is also a model and TV actress. But she always feels comfortable ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news