Benchmark Capital drops lawsuit against ex-Uber CEO Kalanick
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January 25, 2018(Reuters) – Silicon Valley venture firm Benchmark Capital’s lawsuit against former Uber Technologies Inc [UBER.UL] CEO Travis Kalanick was dismissed on Thursday by a Delaware judge following an agreement between the parties.
The legal dispute began in August when Benchmark sued Kalanick in Delaware’s Chancery Court to force him off the ride-hailing firm’s board and rescind his ability to fill three board seats.
The firm sued him for fraud, breach of contract and breach of fiduciary duty.
Benchmark, an early investor in Uber, later agreed to drop the lawsuit as part of an investment deal between Uber and a group of investors led by Japan’s SoftBank Group Corp.
The deal closed last week, which included a large purchase of shares from existing Uber investors and employees at a valuation for the company of $48 billion, a 30 percent drop from Uber’s most recent valuation of $68 billion.
Reporting by Munsif Vengattil in Bengaluru; editing by Sai Sachin Ravikumar