Idaho company ordered to pay $44M in trade secrets lawsuit
BOISE, Idaho (AP) — A Boise-based software company has been ordered to pay SS&C Technologies Holdings Inc. $44 million in damages in a lawsuit over trade secrets.
Officials with Clearwater Analytics did not immediately respond to a request for comment from The Associated Press.
The lawsuit, brought by the Connecticut-based financial software company SS&C in 2015, alleged that Clearwater Analytics hired two former SS&C employees and that the employees made copies of SS&C’s confidential product and customer documents before making the switch, with the intent to use them at their new job.
Clearwater Analytics denied any wrongdoing in the case, but last week a jury in Cook County, Illinois sided with SS&C and ordered the Idaho company to pay damages.
SS&C Chief Executive Bill Stone said in a prepared statement that the ruling was gratifying and showed the U.S. justice system punishes bad behavior.