February 9, 2018 / 10:34 PM / in 4 months

Uber rejected $500 million settlement with Waymo earlier this week

SAN FRANCISCO (Reuters) - Alphabet Inc’s Waymo early this week proposed a settlement deal with Uber Technologies Inc in which Uber would pay $500 million 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.

Uber's logo is pictured at its office in Tokyo, Japan, November 27, 2017. REUTERS/Kim Kyung-Hoon

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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