|By PR Newswire||
|July 29, 2014 05:30 PM EDT||
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.
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.
 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
Between the compelling mockups and specs produced by your analysts and designers, and the resulting application built by your developers, there is a gulf where projects fail, costs spiral out of control, and applications fall short of requirements. In his session at DevOps Summit, Charles Kendrick, CTO and Chief Architect at Isomorphic Software, will present a new approach where business and development users collaborate – each using tools appropriate to their goals and expertise – to build mo...
Jan. 30, 2015 03:15 AM EST Reads: 1,871
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impac...
Jan. 30, 2015 03:00 AM EST Reads: 1,822
There is no doubt that Big Data is here and getting bigger every day. Building a Big Data infrastructure today is no easy task. There are an enormous number of choices for database engines and technologies. To make things even more challenging, requirements are getting more sophisticated, and the standard paradigm of supporting historical analytics queries is often just one facet of what is needed. As Big Data growth continues, organizations are demanding real-time access to data, allowing immed...
Jan. 30, 2015 03:00 AM EST Reads: 3,387
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!
Jan. 30, 2015 02:30 AM EST Reads: 2,977
Code Halos - aka "digital fingerprints" - are the key organizing principle to understand a) how dumb things become smart and b) how to monetize this dynamic. In his session at @ThingsExpo, Robert Brown, AVP, Center for the Future of Work at Cognizant Technology Solutions, outlined research, analysis and recommendations from his recently published book on this phenomena on the way leading edge organizations like GE and Disney are unlocking the Internet of Things opportunity and what steps your o...
Jan. 30, 2015 02:00 AM EST Reads: 3,018
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using ...
Jan. 30, 2015 02:00 AM EST Reads: 3,006
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial C...
Jan. 30, 2015 01:00 AM EST Reads: 2,888
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happe...
Jan. 30, 2015 12:30 AM EST Reads: 3,033
Log data provides the most granular view into what is happening across your systems, applications, and end users. Logs can show you where the issues are in real-time, and provide a historical trending view over time. Logs give you the whole picture. Logentries, a log management and analytics service built for the cloud, has announced a new integration with Slack, the team communication platform, to enable real-time system and application monitoring. Users of both services can now receive real-...
Jan. 29, 2015 11:45 PM EST Reads: 749
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's large...
Jan. 29, 2015 10:00 PM EST Reads: 3,675
At 15th Cloud Expo, Shrikant Pattathil, Executive Vice President at Harbinger Systems, demos a video delivery platform that helps you do interactive videos. He discusses how Harbinger is accomplishing it in the cloud world, the problems they faced and the choices they made to get around these problems.
Jan. 29, 2015 09:15 PM EST Reads: 1,564
“Will Jaya is a direct source for server integration and storage solutions. If you are looking for any specific configurations for a project we can help you configure based on your needs and requirements," explained Netty Goya, CEO of Will Jaya, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 29, 2015 08:30 PM EST Reads: 1,620
“DevOps is really about the business. The business is under pressure today, competitively in the marketplace to respond to the expectations of the customer. The business is driving IT and the problem is that IT isn't responding fast enough," explained Mark Levy, Senior Product Marketing Manager at Serena Software, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 29, 2015 07:00 PM EST Reads: 2,505
“The year of the cloud – we have no idea when it's really happening but we think it's happening now. For those technology providers like Zentera that are helping enterprises move to the cloud - it's been fun to watch," noted Mike Loftus, VP Product Management and Marketing at Zentera Systems, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 29, 2015 07:00 PM EST Reads: 2,246
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what th...
Jan. 29, 2015 06:15 PM EST Reads: 4,099