Atos: US District Court Reduces Damages to $570 Million in Syntel-TriZetto Case
April 21 2021 - 3:43AM
Dow Jones News
By Olivia Bugault
French IT company Atos said Wednesday that a U.S. district court
has reduced the damages that its subsidiary Syntel was asked to pay
from a previous verdict to $570 million from $855 million, as part
of a continuing litigation with Cognizant Technology Solutions
Corp.
Last October, Syntel--a provider of integrated technology and
business services, which acquired by Atos in 2018--was found liable
of trade secret misappropriation and copyright infringement by a
U.S. district court jury that specified damages in favor of
Cognizant and its healthcare subsidiary TriZetto of roughly $855
million.
As well as lowering the amount of damages to be paid by Syntel,
the United States District Court for the Southern District of New
York also rejected Cognizant and TriZetto's request for an extra
$75 million in prejudgment interest in a decision that was released
Tuesday, Atos said.
Despite a reduction in damages to be paid, Atos said it plans to
appeal the verdict. "Among other concerns, Atos continues to
consider the amount of damages grossly out of proportion to the
acts complained of, and that the maximum amount of damages legally
available to TriZetto in this case is approximately $8.5 million,"
the company said.
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
April 21, 2021 03:28 ET (07:28 GMT)
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