TCS to take $125 mn hit to Q3 earnings over US trade secret lawsuit
Epic had filed the lawsuit against TCS in 2014, alleging the information technology (IT) services provider stole its intellectual property.
India’s Tata Consultancy Services (TCS) on Tuesday said it will make a provision of $125 million in its third-quarter results in relation to a trade secret lawsuit filed by U.S.-based Epic Systems.
Epic had filed the lawsuit against TCS in 2014, alleging the information technology (IT) services provider stole its intellectual property while it was contracted to implement Epic’s healthcare software.
The US Supreme Court on Monday rejected TCS’ appeal against a verdict passed by the District Court of Wisconsin, upholding an order that includes $140 million in punitive damages, the company said in a release.
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First Published: Nov 21 2023 | 6:05 PM IST