Ford Fined $104.6 Million For Breach Of Contract
November 03, 2022 By Fakun Gram
(Image Credit Google)
According to a report, Ford shared secrets and after a 15-day trial, the automaker has been ordered to pay $104.6 million for “breaching a 2004 licensing contract and misappropriation of trade secrets.”
Ford signed a contract with a software company based in Austin, Texas, Versata that licensed its software for 17 years to Ford. The company stated that it allowed Ford’s engineers and representatives to work on vehicle design to have a seamless update in real time.
In the contract, Ford had to pay millions to the company for licensing but Ford copied their software and went ahead to end the contract. The 2014 contract for licensing was 17 million yearly.
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Ford stated, “While we respect the jury’s decision, we believe the facts and the law do not support this outcome. Ford will appeal the verdict.”
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The jury sentenced Ford to pay Versata $104.6 million, the breakup is $82.2 mn in contract breach, $22.4 mn for trade secret violation, and 59.9 mn in spiling it.
By Fakun Gram
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