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TCS to provision $125 million in Q3 results over US lawsuit

22 Nov 2023 , 11:00 AM

Tata Consultancy Services (TCS), India's largest IT services business, said on November 21 that it will make a $125 million provision as an 'exceptional item' in its third-quarter results in response to a trade secret litigation launched by US-based Epic Systems.

Epic Systems filed the trade secret case against TCS and Tata America International Corp in 2014. The business accused Tata Group companies of stealing its intellectual property in order to create its own, despite the fact that it was contracted to deploy Epic's healthcare software.

The US Supreme Court rejected TCS' appeal against a District Court of Wisconsin ruling on November 20, upholding an order that included $140 million in punitive penalties, the company stated in a release.

Following the litigation in 2014, TCS was found guilty by a jury in 2016 and was awarded $940 million in damages to Epic Systems. A year later, after more hearings, the fine was lowered to $420 million, which comprised $280 million in punitive penalties and $140 million in compensatory damages.

The punitive damages were eventually found to be excessive after TCS appealed to the United States Court of Appeals for the Seventh Circuit in Chicago, and the trial court was ordered to reconsider. The US District Court for the Western District of Wisconsin later decreased the punitive damages to $140 million in July 2022.

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