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
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Is the ongoing quest for agility in the data center forcing you to evaluate how to be a part of infrastructure automation efforts? As organizations evolve toward bimodal IT operations, they are embracing new service delivery models and leveraging virtualization to increase infrastructure agility. Therefore, the network must evolve in parallel to become equally agile. Read this essential piece of Gartner research for recommendations on achieving greater agility.
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
With over 720 million Internet users and 40–50% CAGR, the Chinese Cloud Computing market has been booming. When talking about cloud computing, what are the Chinese users of cloud thinking about? What is the most powerful force that can push them to make the buying decision? How to tap into them? In his session at 18th Cloud Expo, Yu Hao, CEO and co-founder of SpeedyCloud, answered these questions and discussed the results of SpeedyCloud’s survey.
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, 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. Meanwhile, 94% of enterpri...
Actian Corporation has announced the latest version of the Actian Vector in Hadoop (VectorH) database, generally available at the end of July. VectorH is based on the same query engine that powers Actian Vector, which recently doubled the TPC-H benchmark record for non-clustered systems at the 3000GB scale factor (see tpc.org/3323). The ability to easily ingest information from different data sources and rapidly develop queries to make better business decisions is becoming increasingly importan...
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Kubernetes, Docker and containers are changing the world, and how companies are deploying their software and running their infrastructure. With the shift in how applications are built and deployed, new challenges must be solved. In his session at @DevOpsSummit at19th Cloud Expo, Sebastian Scheele, co-founder of Loodse, will discuss the implications of containerized applications/infrastructures and their impact on the enterprise. In a real world example based on Kubernetes, he will show how to ...
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...