Hyperloop One Reaches Settlement In Lawsuit Filed By Former Employees
Hyperloop One has reached a settlement in its legal battle with a number of former employees, including the former Chief Technical Officer (CTO) and co-founder Brogan BamBrogan.
The lawsuit by the former Hyperloop One employees alleged a wide variety of things, including threats, harassment, and, probably more importantly, financial mismanagement.
This lawsuit was countered with a $250 million lawsuit by Hyperloop One against the relevant employees, with a claim that BamBrogan had attempted a “coup” within the firm.
Details of the settlement haven’t been publicly disclosed.
Commenting on the settlement in an employee memo, CEO Rob Lloyd noted that the firm was moving ahead, and that the opening of the firm’s new fabrication facility was a sign of things to come.
Here’s the text of the full memo (via Engadget):
Team,
I am pleased to inform you that we have resolved the lawsuit that was filed this summer against Hyperloop One by several of its former employees.
Lawsuits can be distracting for companies; they often halt momentum until they can be resolved. That didn’t happen here.
The resilience we have shown as a company since June has been nothing short of remarkable. Let’s just take a moment to reflect on just some of the accomplishments since.
On construction: We opened Metalworks, the world’s first hyperloop fabrication facility. This week we installed the first tubes on columns, a major step in our development loop. Today we have 65 full time team members working in Nevada at both Metalworks and our Test and Safety. We remain on track to have our Kitty Hawk moment in early 2017.
On partnerships: In Dubai, we announced the Port Jebel Ali feasibility study with DP World and we were selected for Dubai Future Accelerators. We then revealed our designs for the world’s first hyperloop to go from Dubai to Abu Dhabi in 12 minutes in coordination with RTA. And in Europe, we established working groups with the Dutch and Finnish governments for project feasibility.
On financing: We announced a $50 million investment led by DP World and hired Brent Callinicos as chief financial advisor.
This is an impressive list and none of this would have been possible without the entire team, from top to bottom. This is an amazing group to be a part of and we are on the cusp doing something extraordinary together.
Now let’s keep our focus on achieving our Q1 milestones and show the world the first working Hyperloop One system to the shape the future of transportation. The world is watching!
Regards and thank you,
Rob Lloyd
Chief Executive Officer
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