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India’s TCS To Take $125 Million Hit To Q3 Profit Over US Claim

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India's TCS To Take $125 Million Hit To Q3 Profit Over US Claim

(CTN News) – India’s Tata Consultancy Administrations (TCS) on Tuesday said it would make a $125 million arrangement in its third quarter comes about in connection to an exchange mystery claim recorded by U.S.-based Epic Systems.

Epic had recorded the claim against TCS in 2014, affirming the data innovation (IT) administration supplier stole its mental property whereas it was contracted to actualize Epic’s healthcare software.

The U.S. Incomparable Court on Monday rejected TCS’ request against a decision passed by the Locale Court of Wisconsin, the company said in an articulation.
Epic originally won $940 million in damages against TCS from a federal jury in Wisconsin in 2016, one of the largest trade secret verdicts in U.S. history.
The following year, this amount was reduced by more than half to $420 million, of which $140 million was awarded in damages and $280 million was fined. This was based on a Wisconsin law that allows for punitive damages of up to twice the amount of compensatory damages.
On his subsequent appeal by TCS, the punitive damages award was reduced to $140 million in 2022.

Tata Group Companies subsequently filed an appeal seeking punitive damages, but the application was dismissed on November 11th. 20.

In its appeal to the U.S. Supreme Court seeking punitive damages, TCS said that after the initial appeal it had paid an award of “unjust enrichment” plus interest and costs.

The decision to record a provision in results comes amid a weak demand environment for IT services as high inflation last year caused customers in key markets such as the US and Europe to tighten their wallet strings. I was disappointed.

Industry giants such as Infosys and Wipro revised their revenue estimates last month, while TCS announced weak second-quarter results.

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The Dollar Also Fell To a Record Low As The Yen Strengthened.

 

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