TCS: US court levies $194 million penal charges on TCS for misappropriation of trade secrets

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A US court has ruled that Tata Consultancy Services is liable for misappropriation of trade secrets and levied penal charges of around USD 194 million on the IT major, a regulatory filing said on Friday. TCS, however, said it has strong arguments against the judgement and is taking necessary steps to protect its interest through review or appeal.

The order has been passed against the company in a case filed by Computer Sciences Corporation (CSC) — now merged with DXC Technology Company (DXC) — alleging misappropriation of its trade secrets before United States District Court, Northern District of Texas, Dallas Division.

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“The court ordered that the company is liable to CSC for USD 56,151,583 in compensatory damages and USD 112,303,166 in exemplary damages. The court also assessed that the company is liable for USD 25,773,576.60 in prejudgment interest through June 13, 2024,” the IT major said in the filing.

The court also passed certain injunctions and other reliefs against TCS, it added.

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“The company believes that the Judgement has no major adverse impact on its financials and operations,” the filing said.



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TCS: US court levies $194 million penal charges on TCS for misappropriation of trade secrets


A US court has ruled that Tata Consultancy Services is liable for misappropriation of trade secrets and levied penal charges of around USD 194 million on the IT major, a regulatory filing said on Friday. TCS, however, said it has strong arguments against the judgement and is taking necessary steps to protect its interest through review or appeal.

The order has been passed against the company in a case filed by Computer Sciences Corporation (CSC) — now merged with DXC Technology Company (DXC) — alleging misappropriation of its trade secrets before United States District Court, Northern District of Texas, Dallas Division.

Elevate Your Tech Prowess with High-Value Skill Courses

Offering College Course Website
Indian School of Business Professional Certificate in Product Management Visit
MIT xPRO MIT Technology Leadership and Innovation Visit
Indian School of Business ISB Product Management Visit

“The court ordered that the company is liable to CSC for USD 56,151,583 in compensatory damages and USD 112,303,166 in exemplary damages. The court also assessed that the company is liable for USD 25,773,576.60 in prejudgment interest through June 13, 2024,” the IT major said in the filing.

The court also passed certain injunctions and other reliefs against TCS, it added.

Discover the stories of your interest

“The company believes that the Judgement has no major adverse impact on its financials and operations,” the filing said.



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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