Initial judgment of $570m damages vacated
Paris, France – May 26, 2023 – On May 25, 2023, the United States Second Circuit Court of Appeals vacated a decision by the United States District Court for the Southern District of New York, as part of Syntel’s ongoing litigation with Cognizant and its subsidiary TriZetto, finding Syntel, now part of Atos, liable for damages due to Syntel’s alleged trade secret misappropriation and copyright infringement. The case began in 2015, before Syntel’s acquisition by Atos in 2018.
In its decision, the Second Circuit held that the use of the avoided development costs methodology, underlying the initial $570m damages, was contrary to the law. The Second Circuit remanded the case to the District Court for further consideration if any amount of damages are still appropriate.
Atos maintains its assessment, as previously communicated, that the maximum amount of damages legally available to TriZetto is approximately $8.5m.
This favorable decision considerably removes uncertainty for Atos and its stakeholders.
***
About Atos
Atos is a global leader in digital transformation with 110,000 employees and annual revenue of c. € 11 billion. European number one in cybersecurity, cloud and high-performance computing, the Group provides tailored end-to-end solutions for all industries in 69 countries. A pioneer in decarbonization services and products, Atos is committed to a secure and decarbonized digital for its clients. Atos is a SE (Societas Europaea) and listed on Euronext Paris.
The purpose of Atos is to help design the future of the information space. Its expertise and services support the development of knowledge, education and research in a multicultural approach and contribute to the development of scientific and technological excellence. Across the world, the Group enables its customers and employees, and members of societies at large to live, work and develop sustainably, in a safe and secure information space.
Contacts
Investor relations: Thomas Guillois | [email protected] | +33 (0)6 21 34 36 62
Media: Martin Bovo | [email protected] | +33 (0)6 14 46 79 94
Attachment
- PR-US Court of Appeals issues a favorable decision for Atos in TriZetto litigation
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. TheTechOutlook.com takes no editorial responsibility for the same.
