Windsor fintech provider SS&C Technologies Holdings Inc. says it’s won a $44 million lawsuit against an Idaho-based software company over trade-secret violations.
The company on Monday announced that a jury in Illinois found fintech Clearwater Analytics liable for “willfully and maliciously” stealing its trade secrets, and awarded SS&C $44 million in damages, including $28 million in punitive damages.
SS&C filed the lawsuit against former SS&C employee Bradley Rossa in Illinois state court in July 2016, alleging he and another former employee kept confidential information before they departed work at the company’s Chicago office and used or conspired to use it at their new jobs at Boise-based Clearwater Analytics.
The company that year also filed a second lawsuit against the other former employee, Richard Pullara, in federal court in Connecticut.
SS&C argued that Clearwater knew about Rossa’s possession of the proprietary information, which violates trade-secret laws and breached his non-disclosure contract by hiring him.
SS&C CEO and Chairman Bill Stone in a statement Monday said it’s “gratifying that justice was done.”
“After three and one-half years the U.S. justice system once again punishes bad behavior,” Stone said. “We spent a lot of money and the case took lots of time.”
