|By PR Newswire||
|July 29, 2014 05:30 PM EDT||
CHICAGO, July 29, 2014 /PRNewswire/ -- Swanson, Martin & Bell, LLP client Business Logic Holding Corporation obtained a $61,000,000.00 settlement this month in a complex trade secret misappropriation and breach of contract case against Ibbotson Associates and Morningstar, Inc. The publicly reported settlement ranks as both one of the largest reported Illinois settlements in recent years and is among the ten largest reported settlements involving trade secret misappropriation, according to Orrick.
Business Logic, a pioneer in the 401(k) retirement managed accounts software industry, sued Morningstar (MORN) and Morningstar's wholly owned subsidiary, Ibbotson, for violating the terms of their reseller agreement and misappropriating Business Logic's confidential information and trade secrets to design and develop its own 401(k) retirement account software in 2009. The lawsuit arose out of a 2003 contract wherein Ibbotson agreed to re-sell Business Logic's 401(k) financial retirement portfolio management software. In 2006, Morningstar acquired Ibbotson.
Business Logic had alleged that Morningstar software designers and developers obtained and accessed confidential and proprietary Business Logic software and documentation to create software that would ultimately be used to compete with Business Logic after 2009. In addition to the settlement figure, the parties jointly stated and acknowledged as part of the settlement agreement that the 401(k) managed accounts software currently marketed and sold by Morningstar was partially developed from Business Logic's managed accounts software.
"After Business Logic spent years developing cutting-edge managed accounts software, Ibbotson and Morningstar misappropriated the software as alleged in Business Logic's lawsuit. Our client feels vindicated by this settlement," said Swanson, Martin & Bell, LLP attorney P. Stephen Fardy.
His partner, Peter G. Skiko, added, "We believe the settlement amount reflects Morningstar's decision to use knowledge gained during its partnership with Business Logic to compete in the managed accounts market, as we alleged."
Business Logic, which had sought compensatory and treble damages as well as injunctive relief, filed suit in November 2009 and was set to pick a jury on July 7th before Cook County, Ill. Circuit Court Judge Patrick Sherlock.
Business Logic was represented by Messrs. Fardy and Skiko, both Swanson, Martin & Bell, LLP partners, along with R. Paul Yetter and Collin J. Cox of Yetter Coleman LLP in Houston. Ibbotson and Morningstar were represented by Sidley Austin LLP. Messrs. Fardy and Skiko focus their practice in intellectual property and other commercial litigation.
About Swanson, Martin & Bell, LLP
Swanson, Martin & Bell, LLP, a nationally recognized litigation firm in Chicago, is dedicated to resolving contested matters for our clients. Jury trial experience is the hallmark of the firm. Our attorneys have tried hundreds of cases to verdict in a variety of complex civil and commercial disputes. Many large corporations, prestigious institutions, business owners and individuals retain Swanson, Martin & Bell, LLP in jurisdictions across the United States. Since its inception in 1992, the firm has grown to 110 attorneys in 23 practice areas. Visit our website at www.smbtrials.com.
 Pulling Back The Veil: Top 10 Disclosed Trade Secret Settlements, http://blogs.orrick.com/trade-secrets-watch/2013/10/16/pulling-back-the-veil-top-10-disclosed-trade-secret-settlements/. Last updated on October 16, 2013, last visited on July 17, 2014.
SOURCE Swanson, Martin & Bell, LLP
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
Dec. 4, 2016 09:45 AM EST Reads: 518
Rapid innovation, changing business landscapes, and new IT demands force businesses to make changes quickly. In the eyes of many, containers are at the brink of becoming a pervasive technology in enterprise IT to accelerate application delivery. In this presentation, attendees learned about the: The transformation of IT to a DevOps, microservices, and container-based architecture What are containers and how DevOps practices can operate in a container-based environment A demonstration of how ...
Dec. 4, 2016 09:45 AM EST Reads: 826
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, drew together recent research and lessons learned from emerging and established compa...
Dec. 4, 2016 09:30 AM EST Reads: 763
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
Dec. 4, 2016 09:30 AM EST Reads: 590
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
Dec. 4, 2016 09:00 AM EST Reads: 551
"Venafi has a platform that allows you to manage, centralize and automate the complete life cycle of keys and certificates within the organization," explained Gina Osmond, Sr. Field Marketing Manager at Venafi, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 4, 2016 08:45 AM EST Reads: 789
Effectively SMBs and government programs must address compounded regulatory compliance requirements. The most recent are Controlled Unclassified Information and the EU's GDPR have Board Level implications. Managing sensitive data protection will likely result in acquisition criteria, demonstration requests and new requirements. Developers, as part of the pre-planning process and the associated supply chain, could benefit from updating their code libraries and design by incorporating changes. In...
Dec. 4, 2016 08:30 AM EST Reads: 978
"Coalfire is a cyber-risk, security and compliance assessment and advisory services firm. We do a lot of work with the cloud service provider community," explained Ryan McGowan, Vice President, Sales (West) at Coalfire Systems, Inc., in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 4, 2016 08:30 AM EST Reads: 765
CloudJumper, a Workspace as a Service (WaaS) platform innovator for agile business IT, has been recognized with the Customer Value Leadership Award for its nWorkSpace platform by Frost & Sullivan. The company was also featured in a new report(1) by the industry research firm titled, “Desktop-as-a-Service Buyer’s Guide, 2016,” which provides a comprehensive comparison of DaaS providers, including CloudJumper, Amazon, VMware, and Microsoft.
Dec. 4, 2016 08:15 AM EST Reads: 705
Regulatory requirements exist to promote the controlled sharing of information, while protecting the privacy and/or security of the information. Regulations for each type of information have their own set of rules, policies, and guidelines. Cloud Service Providers (CSP) are faced with increasing demand for services at decreasing prices. Demonstrating and maintaining compliance with regulations is a nontrivial task and doing so against numerous sets of regulatory requirements can be daunting task...
Dec. 4, 2016 08:15 AM EST Reads: 752
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, sha...
Dec. 4, 2016 08:00 AM EST Reads: 804
Businesses and business units of all sizes can benefit from cloud computing, but many don't want the cost, performance and security concerns of public cloud nor the complexity of building their own private clouds. Today, some cloud vendors are using artificial intelligence (AI) to simplify cloud deployment and management. In his session at 20th Cloud Expo, Ajay Gulati, Co-founder and CEO of ZeroStack, will discuss how AI can simplify cloud operations. He will cover the following topics: why clou...
Dec. 4, 2016 08:00 AM EST Reads: 689
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web ...
Dec. 4, 2016 06:45 AM EST Reads: 1,228
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Dec. 4, 2016 06:15 AM EST Reads: 6,972
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Dec. 4, 2016 05:30 AM EST Reads: 1,753