Benchmark Capital Files Suit Against Former Uber CEO Travis Kalanick

Krales  The Verge

A major Uber investor on Thursday sued founder Travis Kalanick, accusing the recently departed chief executive of covering misdeeds while rigging the board in order to return to power at the company.

In a blockbuster lawsuit, Uber Technologies Inc. investor Benchmark Capital today sued embattled former Chief Executive Travis Kalanick for fraud and breach of contract and fiduciary duty. Neither Benchmark nor Kalanick could be reached for comment. Benchmark Capital, which has a board seat at Uber, first invested $11 million in the company during its Series A funding round in 2011.

Axios previously reported the suit.

Investor Benchmark Capital is chafing at the idea, however, and filed suit against its former colleague in DE on Thursday for fraud and breach of contract.

Kalanick's pugnacious style largely defined Uber's approach and helped it become a transportation colossus valued at $68 billion, the largest private firm backed by venture capitalists in the world.

Benchmark wants the court to invalidate the expansion vote, which would remove Kalanick from the board, and in the meantime wants him banned from participating in board activities such as the CEO search.

Kalanick, Camp and Graves together hold a significant voting stake in Uber.

The filing alleges that Kalanick made "material misstatements" and hid crucial information about company problems from the board in order to attain more power there.

Uber reportedly declined comment, though a spokesman for Kalanick told Axios that the suit is "completely without merit and riddled with lies and false allegations". This is continued evidence of Benchmark acting in its own best interests contrary to the interests of Uber, its employees and its other shareholders.

Kalanick also didn't mention to Benchmark "a pervasive culture of gender discrimination and sexual harassment and a hose of other inappropriate and unethical directives" he issued, the suit contended.

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