New Delhi : IT major Tata Consultancy Services (TCS) Sunday said a US court has more than halved the compensatory and punitive damages demanded from the company to $420 million in a lawsuit filed by Epic Systems Corporation. The matter relates to a US grand jury order that slapped two Tata group companies — Tata Consultancy Services and Tata America International Corp — with a $940 million fine in a trade secret lawsuit filed against them by Epic in April 2016.
TCS said an opinion and order has been issued by the Western District Court of Wisconsin, USA in the suit filed by Epic Systems Corporation against the company.
“Partially granting TCS motion, the court significantly reduced the compensatory and punitive damages of $940 million awarded by the July verdict in April 2016, to $420 million,” TCS said in a regulatory filing issued on Sunday. The Mumbai-headquartered IT major said it has received a legal advice that the order and the reduced damages awarded are not supported by evidence presented during the trial and a strong appeal can be made to superior court to fully set aside the jury verdict. Epic had accused TCS of brazenly stealing trade secrets.
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