Executive, Finance, ICT - Uber Investor Sues Kalanick
One of the biggest investors in the ride-sharing service Uber is suing the former CEO Travis Kalanick for allegedly trying to engineer his return to the company.
The Silicon Valley venture capital firm Benchmark owns 13 percent of Uber. A legal filing obtained by the tech news site Axios accuses Kalanick of fraud, breach of contract, and breach of fiduciary duty by packing the company's board with loyalists to "entrench himself" and "increase his power over Uber for his own selfish ends".
Attorneys for the investment group claim "Kalanick's overarching objective is to pack Uber's Board with loyal allies in an effort to insulate his prior conduct from scrutiny and clear the path for his eventual return as CEO". Benchmark wants to remove three extra board seats added by Kalanick in June of last year.
Kalanick's lawyers deny the allegations and accused Benchmark of "acting in its own best interests contrary to the interests of Uber". A spokesman said, "The lawsuit is completely without merit and riddled with lies and false allegations," and that Kalanick has no interest in returning to the company.
Uber's board forced Kalanick to step down in June, because of the toxic culture of bullying and sexual harassment that flourished under his watch.