Ford Ordered To Pay $105M To Versata Software For License Breach: Report

Loading...
Loading...
  • Ford Motor Co F has been ordered to pay Versata Software Inc $104.6 million by a federal jury in Detroit for a license contract breach.
  • Ford was accused of a 2004 licensing contract breach and misappropriating trade secrets, Reuters reported. The company was held liable after a fifteen-day trial.
  • Versata said it had licensed its automotive software to Ford from 1998 – 2015. Through the software, Ford's engineers and marketing agents came together to design vehicles with "seamless real time updates" worldwide.
  • Dejected of paying huge amounts in licensing fees, Ford is said to have copied Versata's software, the report added.
  • "While we respect the jury's decision, we believe the facts and the law do not support this outcome," the report cited Ford. "Ford will appeal the verdict."
  • Also ReadFord Q3 Earnings Highlights: Revenue Beat, EPS Miss, Electric Vehicle Update And More
  • Price Action: F shares are trading lower by 0.54% at $12.93 in premarket on the last check Friday.
  • Photo Via Company
Market News and Data brought to you by Benzinga APIs
Posted In: NewsLegalMediaGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...