BamBrogan, David Pendergast, William Mulholland and Knut Sauer filed the lawsuit against the company this summer, claiming the technology they built was being “strangled” by the venture capitalists who had majority control of Hyperloop One.
Neither party disclosed the terms of the settlement. However, BamBrogan’s lawyers sent us the following statement, confirming the suit had been resolved:
“My clients are pleased to announce that they have reached a confidential resolution of litigation with their former employer and look forward to moving on with their future plans.”
BamBrogan and the other plaintiffs in the case accused investor and co-founder Shervin Pishevar, along with Joe Lonsdale, company CEO Rob Lloyd and Pishevar’s brother Afshin Pishevar of using the plaintiff’s own work to boost the defendant’s personal brands.
The lawsuit also accused Shervin Pishevar of using company money to overpay a public relations consultant he was dating at the time and BamBrogan personally accused Afshin Pishevar of threatening him by placing a noose at his desk.
H1 executives counter-sued for $250 million, accusing BamBrogan of launching a smear campaign and claiming he and the other employees had conspired to undermine the work being done, calling them a “gang of four.”
However, these legal matters seemed to have been resolved today and Hyperloop One tells us it “looks forward to continuing to execute on its business plan.”
A source close to the matter has also sent us an internal letter circulated company-wide this afternoon from CEO Lloyd addressing the lawsuit.
“Lawsuits can be distracting for companies; they often halt momentum until they can be resolved. That didn’t happen here,” Lloyd wrote, following up with milestone achievements for H1 over the past year, supposedly to boost morale.
As for BamBrogan and team, the former co-founder seems positive about the future, telling TechCrunch, “We are planning to build rad shit with rad people, starting with our take on hyperloop. More to come in the near future.”
H1 has mentioned to us in the past that BamBrogan planned on building a competitor to H1, calling it Hyperloop Two.Featured Image: David Becker/Getty Images