Uber's Travis Kalanick sued for fraud

A venture capital firm is suing former Uber CEO Travis Kalanick for fraud and breach of contract, alleging that he tried to amass power on the company's board and hide from investors his "gross mismanagement and other misconduct".

Benchmark further says that in moving to add the three board seats previous year, Kalanick "intentionally concealed and failed to disclose his gross mismanagement and other misconduct at Uber" which they say included "pervasive gender discrimination and sexual harassment".

Benchmark which holds one of the seats on the Uber board, said that it never would have given Kalanick the three extra seats if it had known about his "gross mismanagement and other misconduct at Uber", the lawsuit said. As some observers have pointed out, it's hard to believe that the board wasn't aware of numerous incidents of misconduct, especially since some of them were very prominently in the news.

Photo A lawsuit filed against Travis Kalanick, Uber's former chief executive, claimed that he failed to disclose a pattern of misbehavior and impropriety inside the company while he was its leader.

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That would kill Kalanick's seat on the board and most of his remaining influence.

Axios says the suit stems from a June 2016 move to expand the size of Uber's board of voting directors from eight to 11, with Kalanick having the sole right to designate those seats. If the firm is successful, Kalanick would be kicked off the board of directors, which would also likely put an end to his rumored return to the company he helped found. Kalanick resigned under pressure in June after a months-long investigation into sexual harassment and other behaviour problems at the company. The ride-hailing pioneer was valued around $70 billion in its last funding round, but is now reportedly considering selling shares at a price that would value it at $40 billion to $45 billion. This is continued evidence of Benchmark acting in its own best interests contrary to the interests of Uber, its employees and its other shareholders.

Investors from Benchmark led the charge in pressuring Kalanick to resign.

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