April 22, 2018

Travis Kalanick calls Benchmark lawsuit a "fabrication"

19 August 2017, 02:25 | Francis Delgado


Pic Reuters

In his filing, Kalanick contends that Benchmark had secretly plotting against him, and launched its plan to oust him from Uber "at the most shameful of times" - shortly after his mother was killed and his father critically injured in a boating accident on May 27.

Upping the ante on his fight with the venture capital firm, which holds a 13 percent stake in Uber, Kalanick said that Benchmark waged a secret campaign to remove him from the company. He added that the dispute should take place in arbitration and that Delaware's Chancery Court, where the suit was filed, lacks jurisdiction.

Benchmark's lawsuit includes taking away the three board seats that Kalanick controls, which the firm believes Kalanick does not deserve. Benchmark sued Kalanick on August 10 alleging he duped the firm into allowing him to fill three board seats and sought to pack the panel with allies willing to keep him as a director after he resigned as chief executive officer in June.

Kalanick says Benchmark's claims of being hoodwinked were "articulated for the first time in its complaint of last week", according to the filing obtained by CNN Tech.

Kalanick also attacks the Benchmark investors for making moves to oust him while he was still mourning his mother's sudden death.

United States takes hard line in NAFTA talks
Rubio said her USA counterparts were focused on transparency in new regulations, while she pushed the need to standardize rules. Back when Donald Trump was a candidate, he promised to get rid of the North American Free Trade Agreement.

The relationship between Kalanick and Benchmark, an early Uber backer, has deteriorated in recent months.

"Like many shareholders, I am disappointed and baffled by Benchmark's hostile actions, which clearly are not in the best interests of Uber and its employees on whose behalf they claim to be acting". Benchmark said the expansion was "fraudulently induced", a ploy by Kalanick to "increase his power for his own selfish ends". Instead, they say, Benchmark acknowledged that he had control over those seats.

But just nine days after he went on leave, Benchmark partners Peter Fenton and Matt Cohler came to Kalanick's hotel in Chicago to demand that he submit his permanent resignation as CEO, the filing said. At the US$68 billion valuation that Uber achieved previous year, Benchmark's stake would be worth nearly US$9 billion.

"Resorting to litigation was an extremely hard step for Benchmark", Benchmark said in a statement through a spokeswoman. "Failing to act now would mean endorsing behavior that is utterly unacceptable in any company, let alone a company of Uber's size and importance".

Former Uber CEO Travis Kalanick is skewering a lawsuit filed by a former ally, describing it as a malicious attempt to sever his remaining ties to the widely used ride-hailing service that he co-founded.

Other News

Trending Now

Lexington Vigil in Response to Charlottesville, Virginia, Rally
The events that unfolded in Charlottesville, which resulted from protests over the removal of a statute of Confederate Gen. Breckinridge, a former US vice president and congressman, was expelled from the Senate after joining the Confederate Army.

This leaked memo just made Microsoft vs Consumer Reports fascinating
And more recently shipped units of its popular devices are reliable and far less likely to suffer defects. He had also reportedly said that the fans will know more about Microsoft phones in 2017.

J&K: LeT commander Ayub Lelhari killed
He was involved in grenade attacks on an Army camp and a police post at Kakapora. Police have recovered one AK-47 from the encounter site.

Trump endorses Strange; Brooks said president was misled
The race will go to a September runoff between the top two finishers if no candidate gets over 50 percent of the vote on Tuesday. But some Alabama Republicans believe the president had little to lose by endorsing unusual in the race.

Barack Obama's tweet after Charlottesville violence is the most 'liked' in history
Barack Obama's tweet about the violence in Charlottesville continues to go viral, the Los Angeles Times noted. White supremacists were protesting for the removal of a statue of a Confederate General Robert E.

Jacksonville named candidate city for 2026 World Cup
Seven cities in Canada are under consideration, including Calgary, Edmonton, Montreal, Ottawa, Regina, Toronto and Vancouver. In total, 49 stadiums in the United States, Mexico and Canada will be considered for inclusion in the official bid.

'Deadpool 2' stuntwoman who died on set reportedly identified
Yesterday, the world learned the sad news of a stunt woman's death on the set of Deadpool 2 in Vancouver, Canada. Film production has been suspended, and the accident is under investigation by the Vancouver police.

No comparison between Sanchez and Costa - Wenger
Media outlet Don Balon say Real are keen on the Chile worldwide who's just entered the final year of his current Arsenal contract. Arsenal remain determined to retain Sanchez for one more season.

Emma Stone beats J-Law in Forbes highest-paid list
The list also includes Jennifer Aniston , Melissa McCarthy , Mila Kunis , and more . Emma Stone has been named Hollywood's highest-paid actress.

Colombia's Santos: No Latam Leader will Accept US Military Force in Venezuela
Meanwhile, Pence has scheduled other stops in Argentina, Chile and Panama, giving speeches and meeting with leaders. The main opposition alliance rejected the use of military threats to resolve Venezuela's crisis.