iControl Systems USA, LLC (“iControl”) found guilty by jury in the U.S. District Court for the Middle District of Florida pertaining to the theft of Fintech-Information-Technologies, LLC’s (“Fintech”) trade secrets.
Fintech will seek an injunction preventing iControl from further misappropriating Fintech’s stolen trade secrets and to stop developing and selling products developed from this information.
March 10, 2020
TAMPA, FL — Financial-Information-Technologies, LLC (“Fintech”), today announced that a jury in the U.S. District Court for the Middle District of Florida has ruled in favor of Fintech in its lawsuit against iControl Systems USA, LLC (“iControl”) pertaining to the theft of Fintech’s trade secrets. In connection with this verdict, the jury awarded Fintech compensatory and exemplary damages, totaling in the millions. Significantly, the verdict reflected the jury’s finding that iControl’s conduct was both willful and malicious. Following this verdict, Fintech will seek an injunction preventing iControl from further misappropriating Fintech’s stolen trade secrets and to stop developing and selling products developed from this information.
“This verdict marks a multi-year effort to prove that iControl built their payments business largely by maliciously stealing our trade secrets,” said Tad Phelps, CEO, Fintech. “We have spent over 28 years building our products for the alcohol payment space and have invested millions of dollars and countless resources to bring our industry-leading technologies to beverage alcohol retailers and distributors. This verdict confirms our stance that iControl was simply profiting off our pioneering spirit and years of development from our remarkable team.”
“We are very pleased that the jury recognized the importance of protecting Fintech’s trade secrets,” said Katie Molloy, Greenberg Traurig Attorney/Shareholder. “The jury made a statement that the theft of our client’s proprietary information and processes associated with secure payment transaction technologies in the regulated commerce business for electronic payments for alcohol distributors and retailers would not be tolerated.”
Fintech is the leading business solutions provider for the beverage alcohol industry, empowering alcohol suppliers, distributors, and retailers with smart solutions that simplify beverage alcohol management. From product ordering and invoice payments, to sales strategy, business intelligence, and industry insights, Fintech continues to lead the development of technologies that increase margins and maximize operating efficiencies for anyone who sells alcohol. With decades of industry experience and unwavering dependability, Fintech connects over 600,000 business relationships nationwide. To learn more, visit www.fintech.com.
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