Rivian jumps after Tesla reaches 'conditional settlement" in its 2020 lawsuit

Investing.comNov 25, 2024 5:10 PM

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Investing.com -- Rivian Automotive Inc (NASDAQ:RIVN) shares jumped 13% after Tesla (NASDAQ:TSLA) announced it had reached a "conditional" settlement in its 2020 lawsuit accusing Rivian of employee poaching and theft of electric-vehicle trade secrets.

Tesla did not reveal the details of the agreement but informed a California state judge that it plans to dismiss the case by Dec. 24, provided the settlement terms are fulfilled.

The legal battle began over four years ago when Tesla alleged that electric car maker Rivian engaged in an "alarming pattern" of recruiting its employees and misappropriating proprietary technology. Tesla claimed some workers were "caught red-handed" taking crucial information related to its next-generation battery systems.

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