February 9, 2018 / 7:18 PM / 8 months ago

Uber rejected $500 million settlement with Waymo earlier this week

SAN FRANCISCO (Reuters) - Alphabet Inc’s (GOOGL.O) Waymo early this week proposed a settlement deal with Uber Technologies Inc in which Uber would pay $500 million (362.14 million pounds) in equity to resolve a high-stakes trade-secrets case, but Uber directors rejected the offer in a board meeting on Tuesday, according to two sources close to the discussions.

FILE PHOTO: Waymo unveils a self-driving Chrysler Pacifica minivan during the North American International Auto Show in Detroit, Michigan, U.S., January 8, 2017. REUTERS/Brendan McDermid/File Photo

Following four days of testimony in the trial, which included hours of testimony from former Uber Chief Executive Officer Travis Kalanick, the two companies reached a settlement late Thursday. Waymo agreed to a deal of $245 million in Uber equity.

Waymo claimed damages worth $1.9 billion in the trial.

Reporting by Heather Somerville and Dan Levine; Additional reporting by Alexandria Sage; Editing by Leslie Adler

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