Hyperloop One settles lawsuit filed by former CTO and three other employees

Hyperloop One settles lawsuit filed by former CTO and three other employees

Hyperloop One settles lawsuit filed by former CTO and three other employees

On Friday, Hyperloop One -- the startup which is developing a tubular form of high-speed futuristic transportation system -- announced that it has worked out a settlement in the high-profile lawsuit filed against the company by four of its employees, including its co-founder and former Chief Technology Officer (CTO) Brogan BamBrogan.

Via the lawsuit, the plaintiffs - including BamBrogan, along with Hyperloop One employees David Pendergast, William Mulholland and Knut Sauer -- had accused the company of breach of contract and other alleged wrongdoing.

The defendants named in the lawsuit include Hyperloop One co-founder Shervin Pishevar, his brother Afshin, and CEO Rob Lloyd.

According to the accusations of the plaintiffs, Hyperloop One executives had mismanaged funds, and had also breached their fiduciary duties. The plaintiffs also accused the company's executives of wrongful termination, breach of contract and infliction of emotional distress.

In announcing that the lawsuit has now been settled, Lloyd - without disclosing the terms of the settlement - said in a Friday letter to the Hyperloop One employees that they should "focus on achieving our Q1 milestones and show the world the first working Hyperloop One system to the shape the future of transportation."