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  • 02/09/2018 09:12:56

    Uber and Waymo reach settlement in trade-secrets suit

    Uber Technologies Inc. said Friday that it had settled its lawsuit with Alphabet Inc.'s Waymo that hinged on an alleged theft of trade secrets. "I want to express regret for the actions that have caused me to write this letter," said Uber CEO Dara Khosrowshahi in a statement. He added: "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." Waymo alleged that one of its former engineers, Anthony Levandowski, stole thousands of documents before leaving the company and founding his own self-driving start-up, which was acquired by Uber early on. In a statement, Waymo said that it had reached an agreement with Uber "to ensure that any Waymo confidential information is not being incorporated in Uber Advanced Technologies Group hardware and software," according to the Verge. Alphabet shares are up 2.2% in Friday trading and 24% over the past 12 months. The S&P 500 has gained 12% in that time.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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