Jury Orders Ford to Pay $104.6M in Trade Secrets Case
A federal jury this week ordered Ford Motor Co. to pay nearly $105 million in damages to a Texas-based software company for breaching its contract and misappropriating trade secrets.
In a lawsuit, Versata alleged that Ford stole trade secrets by developing its own software based on software it had used under a licensing contract with Versata.
The case went to trial, and on Wednesday a jury returned its finding that Ford must pay damages to Versata. The jury determined that Ford breached its contract with Versata by “misusing and disclosing confidential information” and reverse engineering Versata’s software for its own commercial use, while finding that Versata did not breach its contract with Ford, according to a verdict form.
King Semi Settles Chinese Criminal Trade Secret Case for 60 Million RMB
On October 27, 2022, Shenyang Xinyuan Microelectronics (doing business as King Semi) announced in a securities filing that it had settled a trade secret case with an unnamed company for 60 million RMB (over $8 million USD) and received 40 million RMB of the settlement. King Semi is a spinout from the Shenyang Institute of Automation, Chinese Academy of Sciences and specializes in semiconductor fabrication equipment founded in 2002. The company that misappropriated the trade secrets was founded by former employees of King Semi.
Former East Bank Club Controller Pleads Guilty to Embezzling $4 Million
The former controller of the East Bank Club, Chicago, pleaded guilty to a federal fraud charge for embezzling more than $4 million from the club, according to a statement from the U.S. Attorney’s Office, Northern District of Illinois.
Peter Craig Savely, pleaded guilty on Oct. 27 to one count of bank fraud. The conviction is punishable by a maximum sentence of 30 years in federal prison and a fine of up to $1 million. Restitution is mandatory. Sentencing is set for Feb. 2, 2023.
Lockeford Woman Involved in Embezzlement Case
According to the complaint, Casey embezzled $130,000 from the Reynolds Family LLC using a check bearing Carolyn Reynolds’ unauthorized signature in October of 2020. The money was transferred to Casey’s son, the complaint states.
In early December of that year, Casey allegedly embezzled another $170,000 in the same manner, and the family believes she used the money to help purchase a cabin in Tuolumne County, the complaint states.
A week later, Casey allegedly embezzled $430,000 in the same manner, once again transferring the money to her son. The family believes Casey’s son used the money transferred to him in October and December to purchase property in Anchorage, Alaska, the complaint states.
Aircraft Engineer Stole Designs from Company, Feds say. Now SC Man is Going to Prison
Gilbert Basaldua, 63, of Hilton Head, South Carolina, worked as a “numerical control engineer contractor” for an aircraft manufacturing company in Georgia from October 2016 through November 2018, according to a Department of Justice news release dated Oct. 20.
He was accused of stealing aircraft wing designs and “anti-icing testing information” from different aircraft manufacturers, including the company that employed him, officials say.
During its investigation, the FBI discovered a document at Basaluda’s residence that was considered his company’s “backbone document,” as well as drawings of one of the company’s aircraft wings and information on how to stop ice from forming on planes, according to a sentencing memo.
Defense Attorneys Seek 5-year Sentence for Former CEO who Embezzled Millions from Hickory Branch of German Company
A Taylorsville woman who embezzled more than $15 million from her former company is citing the lingering impact of childhood abuse in her bid for leniency.
Steele was adept at working in that environment, receiving promotions and bringing in an excess of $10 million a year in sales. At the same time, her attorneys argued, the atmosphere brought out her worst tendencies.