Our Court docket Diminished Penalty Charges to $140 Million as It Features in Providers Shares


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Shares of Tata Consultancy Providers (TCS) rose over 1 per cent in commerce on Tuesday after the IT companies big mentioned it has decreased the punitive damages imposed on the corporate to $140 million within the US within the Epic Techniques Company case. .

Shares of Tata Consultancy Providers (TCS) rose over 1 per cent in commerce on Tuesday after the IT companies big mentioned it has decreased the punitive damages imposed on the corporate to $140 million within the US within the Epic Techniques Company case. .

The rise within the inventory is nice information for the corporate, which is witnessing a gentle decline available in the market. The IT main had earlier misplaced 11 per cent within the second week of June to hit a 52-week low of Rs 3,023.35.

“TCS is legally suggested that there are sturdy arguments in its favor earlier than the Court docket of Attraction and the order on punitive damages will not be supported by the info offered by TCS earlier than the Trial Court docket. We’ve been suggested that the order and judgment (when is issued) is appealable on the US Court docket of Appeals, seventh Circuit Chicago,” TCS mentioned in an change submitting.

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What was the Epic Techniques case?

In 2014, Epic Techniques accused TCS of stealing its mental property and growing its personal product. Epic received a $940 million jury prize in 2016. Epic had alleged that TCS, which was employed to implement the healthcare software program, stole 6,000 recordsdata with faux IDs posing as a workers member as a substitute of a marketing consultant.

In 2017, a Wisconsin court docket decide decreased the quantity of compensatory and punitive damages to $420 million. The punitive damages have been deemed extreme after TCS appealed to the US Court docket of Appeals, seventh Circuit, Chicago, and the trial court docket was requested to re-evaluate it.

The US Court docket of Appeals decided in August 2021 that the $280 million ($2,098 million) punitive damages award was “constitutionally disproportionate” and decreased the damages to $140 million. Based on the corporate’s assertion, this resolution has now been formally formalized.

Epic Techniques is a non-public agency headquartered in Verona, Wisconsin. The corporate is a prime provider of medical data software program utilized in hospitals and different healthcare services in the USA.



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