India's largest IT services exporter, Tata Consultancy Services (TCS), announced on Friday, June 14, that it has received an adverse judgment from the United States District Court, Northern District of Texas, Dallas Division.
"...we hereby inform you that the Company has received an adverse judgement passed by United States District Court, Northern District of Texas, Dallas Division," TCS stated in a stock exchange filing.
The case was brought by Computer Sciences Corporation (CSC), now DXC Technology Company (DXC), alleging that TCS misappropriated its trade secrets.
The court ruled that TCS is liable for a total of $194.2 million, which includes $56,151,583 in compensatory damages, $112,303,166 in exemplary damages, and $25,773,576.60 in prejudgment interest. Additionally, the court has imposed certain injunctions and other reliefs against the company.
"The court ordered that the company is liable to CSC for USD 56,151,583 in compensatory damages and USD 112,303,166 in exemplary damages. The court also assessed that the company is liable for USD 25,773,576.60 in prejudgment interest through June 13, 2024," TCS reported.
Despite this significant judgment, TCS maintained that it has strong arguments to counter the ruling and plans to defend its position through a review petition or an appeal to the appropriate court. The company received the court order on June 14, 2024.
TCS asserted that the judgment will not have a major adverse impact on its financials and operations. The company is taking the necessary steps to protect its interests and address the legal challenges presented by this ruling.
"The company believes that it has strong arguments in the matter and intends to defend its position through review petition/appeal to the appropriate Court," TCS said.
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