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Waymo v. Uber ends in a huge settlementThe court battle over self-driving car secrets has ended abruptly, with lawyers reaching a hefty settlement.
It's time to pump the brakes. The court battle for self-driving car secrets is over. Waymo reached a settlement with Uber over the alleged theft of 14,000 trade secret files. Waymo is the autonomous car unit of Google's parent company, Alphabet. High profile witnesses like former Uber CEO Travis Kalanick were called during the trial, which was expected to last three weeks, but lawyers quickly reached a settlement on the end of week one. When the settlement came down, we heard an audible gasp throughout the courtroom. Everyone was completely shocked. As you're exiting the court room, none of the lawyers wanted to give a comment and none of the jury said they would speak to us. But one Uber lawyer did say, now I'm gonna go walk my dog, how's that for a comment? Meaning that he was really happy the trial was over and he could move on Sources familiar with the negotiations told CNet that as part of the deal, Waymo gets 3.4% of Uber's equity. That's a value of around $245 million. It isn't as much as the $1.8 billion that Waymo originally wanted, but this is still one of the largest settlements ever from any trial over trade secrets. But what this means for the two companies is that they're gonna go forward and compete thoroughly. So develop their own technology with their own engineers. [UNKNOWN] CEO [UNKNOWN] issued an [UNKNOWN] branch to [UNKNOWN] in a statement. Saying the companies were partners but also competitors. He also said Uber did not believe any trade secrets made their way from Waymo to Uber. Waymo said the settlement would help protect its intellectual property going forward. Now the race is truly on to bring a fully autonomous car to the world. [MUSIC]