Hyperloop One, the developer of a futuristic high-speed transportation system, settled a lawsuit with four former employees.
"Hyperloop One is pleased to announce that it has reached a confidential resolution of litigation with its former employees and looks forward to continuing to execute on its business plan," the Los Angeles–based company said on Friday in an emailed statement.
The company was sued in July by co-founder Brogan BamBrogan and a group of early employees who claimed Hyperloop One's top leaders misused funds, breached their fiduciary duties and conspired to enrich themselves.
Chief Executive Officer Rob Lloyd told his staff in a memo obtained by CNBC that lawsuits "often halt momentum until they can be resolved. That didn't happen here."