On April 30, 2015, Kolon Industries finally resolved two long-standing disputes regarding its alleged misappropriation of trade secrets related to DuPont Co.’s bullet-proof Kevlar Material. The settlement resolved a six-year civil dispute with competitor DuPont, as well as an Economic Espionage Act criminal indictment that had been pending for three years. According to the terms of the plea agreement filed with the court, Kolon will pay $275 million in restitution to DuPont and $85 million to the government in fines. READ MORE
A new trade secrets settlement has shaken up our top 10 disclosed settlements of all time. Business Logic, a Chicago-based developer of financial software, reports that the investment firm Morningstar, Inc. has agreed to pay it $61 million to settle a trade secrets action.
According to Business Logic’s press release, the company alleged that Morningstar and its subsidiary, Ibbotson Associates, violated a contract and took Business Logic’s intellectual property in a case involving software for managing 401(k) retirement accounts. READ MORE
We recently reported on good things (big verdicts) coming to trade secret plaintiffs that endure lengthy lawsuits. But good things don’t always come to those who wait. One trade secrets plaintiff received a starkly less favorable result after battling for ten years over misappropriation of its alleged trade secrets and related claims. On June 18, Eaton Corporation and Triumph Group announced they settled their decade-long dispute arising from Eaton’s claims that its former employees stole trade secrets and used them at competitor Frisby Aerospace (later acquired by Triumph). Though the exact terms of the settlement are confidential, Eaton will reportedly pay about $135 million to Triumph and $12 million to be split among its former employees. READ MORE
It’s been a hot year in the trade secrets field, with some huge verdicts and settlements, a renewed spotlight on cyberattacks, and an unusual flurry of trade secrets legislation. Trade Secrets Watch’s 2013 Year-in-Review highlights the notable trade secrets activity from the past year. READ MORE
Litigation settlements can often be shrouded in secrecy, and trade secret litigation settlements are no different. Parties are often sworn to confidentiality, and court dockets are typically silent on the amount of settlements (or even on their existence). Undaunted, Trade Secrets Watch tried to pull back the curtain, hunting for the biggest trade secrets settlements we could find. Although these settlements generally run smaller than the top 10 trade secret verdicts we brought you earlier, they are still quite substantial and confirm that trade secret cases can mean big money: