Judge dismisses Benchmark’s lawsuit against Travis Kalanick

By : |January 29, 2018 0

A judge dismissed investment firm Benchmark’s lawsuit against former Uber CEO Travis Kalanick, bringing an end to one of the biggest VC-founder battles. Benchmark was responsible for Kalanick’s ouster from Uber.

The venture firm and early investor in Uber filed a lawsuit against Kalanick last year, shortly after he was pressurized to resign as CEO. Benchmark alleged that Kalanick had misled them about the state of the company when they gave him the power to grant additional board seats.

“It is hereby stipulated and agreed, by and among Benchmark, Kalanick, and Uber, through their undersigned counsel,” wrote Delaware Court of Chancery Judge Sam Glasscock III in his ruling, “that this Action and the claims asserted therein are dismissed with prejudice, and that each party shall bear its or his own costs, fees, and expenses.”

The lawsuit was dismissed on the condition of closing of SoftBank Group Corp.’s $9.3 billion share purchase. Kalanick reaped $1.4 billion as part of the SoftBank stock transaction, which was completed January 18.

Benchmark indicated that it planned to drop the suit once governance reforms were implemented to limit both Kalanick’s power and its own, according to Recode. Those changes went into effect January 18, and Benchmark moved to drop its suit that same day, according to court filings.

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