The United States Supreme Court on November 20 rejected the petition by Indian tech services giant Tata Consultancy Services (TCS) to file an appeal against an order which had awarded punitive damages of $140 million. “The Company intends to make the balance provision of approximately $125 million in its financial statements as an exceptional item, for the third quarter and nine months ending December 31, 2023,” TCS said in a filing.
“Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and in continuation of our prior filings since April 2016, we hereby inform you that in the EPIC Systems Corporation matter, the United States Supreme Court on November 20, 2023 rejected the Company’s petition to file an appeal against the orders passed by the US Court of Appeals, 7th Circuit, which confirmed the punitive damages award of USD 140 million passed by the District Court of Wisconsin,” TCS said.
The trade secret lawsuit was filed by Epic Systems against TCS and Tata America International Corp in 2014. The company had alleged the Tata Group companies of stealing its intellectual properties to develop its own, though it was contracted to implement Epic’s healthcare software.
The US Supreme Court on November 20 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.
Indian tech services giant TCS to take $125 mn hit as awards damages
