US court slaps 940 million dollars fine on two Tata group companies
The federal grand jury in the US State of Wisconsin has slapped 940 million US dollars fine against two companies of India’s Tata group – Tata Consultancy Services (TCS) and Tata America International Corp.
They were fined in a trade secret lawsuit filed against them by the US based electronics medical records vendor Epic Systems. The jury verdict has directed two companies of India’s Tata group to pay 240 million dollars to Epic Systems for ripping off its software and pay 700 million dollars in punitive damages.
Epic Systems had accused the two companies of brazenly stealing its trade secrets, confidential information, documents and data.
The US based company in its lawsuit has alleged that TCS employee reviewed its intellectual property under the pretence of doing consulting work for Kaiser Permanente, the largest managed health care company in the US and in doing so downloaded Epic’s proprietary software to help build a rival system.
Epic Systems as an electronics medical records vendor builds software for healthcare companies to manage billing, insurance benefits management and referral services.
Categories: Business & Economy Current Affairs 2017