Team Blitz India
NEW DELHI: India’s largest IT services exporter, Tata Consultancy Services (TCS), said that it had received an adverse judgment from the USDistrict Court, Texas, to pay a $194 million penalty for trade secrets misappropriation,
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 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.
