5 Days Into Trial, Uber Reaches Surprise Settlement

Waymo gets a $245M stake in Uber in settlement over driverless technology
By Newser Editors and Wire Services
Posted Feb 9, 2018 10:56 AM CST

(Newser) – Uber is settling a lawsuit filed by Google's autonomous car unit alleging that the ride-hailing service ripped off self-driving car technology. Both sides in the case issued statements confirming the settlement Friday morning in the midst of a federal court trial in the case, per the AP. Google's Waymo unit says Uber agreed to take steps to make sure Waymo technology isn't used in Uber's autonomous vehicles. Waymo says Uber also agreed to pay about $245 million—but in Uber equity, not cash, per the Verge.

“This is all equity; zero cash,” one source tells the website. “It means Waymo is invested in Uber’s future.” Uber's CEO says in a statement that the company doesn't believe trade secrets made their way from Waymo to Uber and that Uber is taking steps to make sure its self-driving vehicle research represents only Uber's work. The settlement is a surprise after five days in court, and it comes after Uber rejected a $1 billion settlement offer before the trial began. (Read about the crazy demise of Uber's Travis Kalanick.)

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