Italy-based Prysmian, which specialises in the global manufacture and supply of fibre optic cables (inc. related kit), has won $96.5 million (\u00a374m) in a trade-secrets lawsuit that took place in South Carolina (USA) against India’s rival Sterlite Technologies (STL). But STL plans to appeal the verdict.<\/p>\n
The case originally began in June 2021 after Prysmian filed a lawsuit claiming that one of its former executives, Stephen Szymanski, who left in August 2020, had taken trade-secrets from his time within the company and shared them with his new employer STL. At trial, Prysmian were able to prove that STL had taken “thousands and thousands of pages<\/em>” of their confidential information and trade secrets.<\/p>\n The materials found to be in STL’s possession included information about Prysmian\u2019s customers, its newest products and plans for the expansion of their manufacturing plants. Much of the information was found in the possession of not just Szymanski and STL, but also in the possession of executives at Sterlite\u2019s global headquarters in Pune, India.<\/p>\n The jury found that STL was “unjustly enriched by taking Prysmian\u2019s trade secrets<\/em>” and awarded $96.5m in damages against STL. In addition, the jury found that Stephen Szymanski had been unjustly enriched by misappropriating Prysmian\u2019s trade secrets and awarded $200,000 (\u00a3154,000) against Mr. Szymanski, personally.<\/p>\n Andrea Pirondini, Prysmian North America CEO, said:<\/strong><\/p>\n \u201cThis case came down to the basic principle of right versus wrong, and we are pleased that the jury came to this decision. It was clear that we had a solid case, and the jury decision confirms how America looks at the protection of trade secrets. It also demonstrates we will not stand still when it comes to defending our confidential information and trade secrets, competing fairly in the marketplace, and doing right by our customers.\u201d<\/p><\/blockquote>\n However, STL has already indicated that it will appeal, with the company stating its belief that the “verdict is not supported by the evidence and testimony in the case, and the case was filed for anti-competitive purposes only<\/em>.” STL added that, during the long-running lawsuit, the court had dismissed all but two of Prysmian\u2019s causes of action.<\/p>\n “We believe the verdict is not supported by the testimony and evidence presented at the trial and intend to appeal and vigorously pursue all available post-trial remedies<\/em>,” concluded STL’s regulatory filing.<\/p>\n","protected":false},"excerpt":{"rendered":" Italy-based Prysmian, which specialises in the global manufacture and supply of fibre optic cables (inc. related kit), has won $96.5 million (\u00a374m) in a trade-secrets lawsuit that took place in South Carolina (USA) against India’s rival Sterlite Technologies (STL). But STL plans to appeal the verdict.<\/p>\n","protected":false},"author":1,"featured_media":29580,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[1],"tags":[472,52,86],"class_list":["post-39094","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uk_isp_news","tag-business","tag-fibre-optic","tag-law"],"share_on_mastodon":{"url":"https:\/\/mastodon.social\/@ispreview\/112989181186563299","error":""},"yoast_head":"\n