Welcome!

News Feed Item

Swanson, Martin & Bell, LLP Client Business Logic Obtains $61 Million Settlement

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.[1]

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.

[1] 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 Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
The IoT has the potential to create a renaissance of manufacturing in the US and elsewhere. In his session at 18th Cloud Expo, Florent Solt, CTO and chief architect of Netvibes, will discuss how the expected exponential increase in the amount of data that will be processed, transported, stored, and accessed means there will be a huge demand for smart technologies to deliver it. Florent Solt is the CTO and chief architect of Netvibes. Prior to joining Netvibes in 2007, he co-founded Rift Technol...
If there is anything we have learned by now, is that every business paves their own unique path for releasing software- every pipeline, implementation and practices are a bit different, and DevOps comes in all shapes and sizes. Software delivery practices are often comprised of set of several complementing (or even competing) methodologies – such as leveraging Agile, DevOps and even a mix of ITIL, to create the combination that’s most suitable for your organization and that maximize your busines...
Struggling to keep up with increasing application demand? Learn how Platform as a Service (PaaS) can streamline application development processes and make resource management easy.
New Relic, Inc. has announced a set of new features across the New Relic Software Analytics Cloud that offer IT operations teams increased visibility, and the ability to diagnose and resolve performance problems quickly. The new features further IT operations teams’ ability to leverage data and analytics, as well as drive collaboration and a common, shared understanding between teams. Software teams are under pressure to resolve performance issues quickly and improve availability, as the comple...
The proper isolation of resources is essential for multi-tenant environments. The traditional approach to isolate resources is, however, rather heavyweight. In his session at 18th Cloud Expo, Igor Drobiazko, co-founder of elastic.io, will draw upon their own experience with operating a Docker container-based infrastructure on a large scale and present a lightweight solution for resource isolation using microservices. He will also discuss the implementation of microservices in data and applicat...
See storage differently! Storage performance problems have only gotten worse and harder to solve as applications have become largely virtualized and moved to a cloud-based infrastructure. Storage performance in a virtualized environment is not just about IOPS, it is about how well that potential performance is guaranteed to individual VMs for these apps as the number of VMs keep going up real time. In his session at 18th Cloud Expo, Dhiraj Sehgal, in product and marketing at Tintri, will discu...
Join IBM June 8 at 18th Cloud Expo at the Javits Center in New York City, NY, and learn how to innovate like a startup and scale for the enterprise. You need to deliver quality applications faster and cheaper, attract and retain customers with an engaging experience across devices, and seamlessly integrate your enterprise systems. And you can't take 12 months to do it.
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, will discuss how research has demonstrated the value of Machine Learning in delivering next generation analytics to im...
This is not a small hotel event. It is also not a big vendor party where politicians and entertainers are more important than real content. This is Cloud Expo, the world's longest-running conference and exhibition focused on Cloud Computing and all that it entails. If you want serious presentations and valuable insight about Cloud Computing for three straight days, then register now for Cloud Expo.
As you respond to increasing requests for new analytics, you need fast and flexible technology in your arsenal so that you can deploy the right workload to the right platform for the need at hand. Do you need self-service and fast time to value? Do you have data and application control and privacy needs, along with strict SLAs to meet? IBM dashDB™ is data warehouse technology powered by in-memory computing and in-database analytics that are designed for fast results, scalability and more.
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
IoT device adoption is growing at staggering rates, and with it comes opportunity for developers to meet consumer demand for an ever more connected world. Wireless communication is the key part of the encompassing components of any IoT device. Wireless connectivity enhances the device utility at the expense of ease of use and deployment challenges. Since connectivity is fundamental for IoT device development, engineers must understand how to overcome the hurdles inherent in incorporating multipl...