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SAN FRANCISCO — Less than a week into their blockbuster trade secret showdown, Waymo and Uber have settled their dispute over driverless car technology.

The parties announced they reached an agreement Friday morning as jaws dropped in a half-full courtroom, on what was set to be a technology-heavy fifth day of trial before U.S. District Judge William Alsup of the Northern District of California.

According to a statement from Waymo, the settlement includes a payment from Uber that includes 0.34 percent of Uber equity—or about $244.8 million in stock based on a $72 billion valuation. Reuters previously reported that Waymo demanded $1 billion in settlement talks last year and had asked Uber for an apology. On Friday, Uber CEO Dara Khosrowshahi expressed “regrets” in a prepared statement, but stopped short of a full-blown apology.

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Ross Todd

Ross Todd is the Editor/columnist for the Am Law Litigation Daily. He writes about litigation of all sorts. Previously, Ross was the Bureau Chief of The Recorder, ALM's California affiliate. Contact Ross at [email protected] On Twitter: @Ross_Todd.

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Caroline Spiezio

Caroline covers the intersection of tech and law for Corporate Counsel. She's based in San Francisco. Find her on Twitter @CarolineSpiezio.

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