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PRESS DIGEST- New York Times business news - Feb 24
February 24, 2017 / 6:45 AM / 10 months ago

PRESS DIGEST- New York Times business news - Feb 24

Feb 24 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.

- Waymo, the self-driving car business spun out of Google's parent company, claimed in a federal lawsuit on Thursday that Uber was using intellectual property stolen by one of Google's former project leaders. In a federal court filing in San Francisco, Waymo said Anthony Levandowski, who runs Uber's autonomous car division, downloaded 14,000 files from Google a month before leaving to start his own self-driving car company, Otto. nyti.ms/2lxZbQS

- Lightspeed, a Silicon Valley venture capital firm, was the first institution to invest in Snap Inc and it is now set to reap more than $1 billion from what began as a mere $485,000 investment. Jeremy Liew, a Lightspeed venture capitalist embedded terms in his 2012 investment in what was then known as Snapchat. The terms gave Liew outsize power over the company's future financing round. That ended up irking Snapchat's chief executive Evan Spiegel, who took steps to reassert control over the company. Liew and Snap no longer have close ties, and Spiegel has not had meetings or spent time with Liew since the early investment rounds. nyti.ms/2lybcpt

- Federal agents had seized largely brand new Mercedes-Benzes, BMWs and Land Rovers in 2013 claiming that Efans Trading Corporation that planned to resell them to wealthy buyers in China was engaging in an insidious fraud. The federal jury in Manhattan determined that there was not enough evidence to support a civil forfeiture lawsuit filed by federal prosecutors. The court ruled in favor of the Efans and ordered the government to return the luxury cars and $3 million in cash that was also seized from a company bank account. nyti.ms/2ly6EzJ

Compiled by Sangameswaran S in Bengaluru

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