12:06 PM EST, 11/25/2024 (MT Newswires) -- (Updates to include change in Rivian's stock price in the last paragraph.)

Tesla has reached a conditional settlement in its 2020 lawsuit against Rivian Automotive ( RIVN ) over allegations of stealing employees and trade secrets, Bloomberg reported Saturday, citing a court filing.

Tesla did not disclose details about the settlement in a court filing, the report said.

The four-year dispute is rooted in accusations by Tesla that Rivian poached employees and swiped proprietary battery technology, the report said. Rivian has denied the accusations.

Rivian said in a message to MT Newswires that it does not comment on litigation while Tesla did not immediately reply to a request for comment.

Rivian shares jumped more than 15% in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 351.26, Change: -1.30, Percent Change: -0.37