US court orders TCS to pay $194 million for trade secrets misappropriation
.webp)
India's largest IT services exporter, Tata Consultancy Services (TCS), announced on Friday that it has received an adverse judgment from the United States District Court, Northern District of Texas, Dallas Division to pay a $194 million penalty.
In a stock exchange filing, the company said, "...we hereby inform you that the company has received an adverse judgement passed by United States District Court, Northern District of Texas, Dallas Division, details of which are provided in Annexure A. The company believes that it has strong arguments in the matter and intend to defend its position through review petition/appeal to the appropriate court."
The case, filed by Computer Sciences Corporation (CSC) (now known as DXC Technology Company) against the company alleged misappropriation of its trade secrets.
Under the terms of the court orders, the company is liable for misappropriation of trade secrets under the Defend Trade Secrets Act of 2016 (DTSA).
The United States District Court said the IT company is liable for a total of $194.2 million, which includes $56,151,583 in compensatory damages and $112,303,166 in exemplary damages.
"The Court also assessed that the company is liable for $25,773,576.60 in prejudgment interest through June 13, 2024. The Court also passed certain injunctions and other reliefs against the Company," TCS said in the exchange filing.
Despite this substantial ruling, TCS asserted that it has robust arguments to challenge the decision and intends to defend its stance through a review petition or an appeal to the relevant court. The company received the court order on June 14, 2024.
TCS claimed that the judgment will not significantly affect its financials or operations. The company is taking the necessary measures to safeguard its interests and address the legal challenges posed by this ruling.
"The company believes that it has strong arguments against the judgement and is taking necessary steps to protect its interest through review/appeal. The company believes that the judgement has no major adverse impact on its financials and operations," it said in the filing.
Other Latest News
.webp)
Private sector Dhanlaxmi Bank on Tuesday said it has appointed Ajith Kumar KK as Managing Director (MD) of the bank.
He will take charge on June 20, Kerala-based Dhanlaxmi Bank said in a regulatory filing.
The board at its meeting held on Tuesday approved the appointment of Ajith Kumar KK as Managing Director & CEO of the bank for a period of three years with effect from June 20, 2024, and on such remuneration as approved by RBI vide letter dated April 18, it said.
.webp)
Le Travenues Technology, the parent company of ixigo, made a stellar stock market debut on Tuesday with its shares getting listed at Rs 138.10, a 48 per cent premium over its issue price of Rs 93 per share on the National Stock Exchange (NSE). The stock of the tour and travel related company later moved higher to Rs 147.65, a 59 per cent over its issue price.
On the BSE, the shares of Le Travenues Technology listed at Rs 135, a 45 per cent premium against its issue price of Rs 93 per share.
.webp)
Russian President Vladimir Putin thanked North Korea for supporting his actions in Ukraine and said their countries will cooperate closely to overcome US-led sanctions as he headed to Pyongyang on Tuesday for a summit with North Korean leader Kim Jong Un.
Putin's comments appeared in an op-ed piece in North Korean state media hours before he was expected to arrive in the North for a two-day visit as the countries deepen their alignment in the face of separate, intensifying confrontations with Washington.
.webp)
Big technology companies including Microsoft Corp. and Google are eager to see more nuclear energy feeding their power-hungry data centers, but are far less willing to provide the capital needed to pay for a growing interest in reactors.
While artificial intelligence and data centers are expected to boost power consumption in the US for the first time in a generation.
.webp)
Ashmore Group Plc plans to boost its holdings of Indian government bonds as they get included into the JPMorgan Chase & Co.’s key emerging-market index by the end of June.
Higher yields and slowing inflation in the country boost the allure of the bonds, according to Gustavo Medeiros, head of research for Ashmore, which manages assets of about $51.9 billion. He likes bonds with 10-year maturity.
.webp)
.webp)
.webp)
.webp)
.webp)
