Sterlite Technologies Inc. (STI) announced on August 14 it plans to appeal a nearly $100-million verdict that Prysmian won, against Sterlite, in a trade-secret lawsuit.
The verdict came down August 9 after a three-week jury trial in South Carolina, Prysmian explained in an announcement. “The jury found that Sterlite was unjustly enriched by taking Prysmian’s trade secrets and awarded $96,500,000 in damages against Sterlite Technologies, Inc.,” the company said.
Prysmian filed the lawsuit in June 2021, after its former executive Stephen Szymanski joined Sterlite in 2020. Alongside its case against Sterlite, Prysmian filed a suit against Szymanski.
“The jury found that Stephen Szymanski had been unjustly enriched by misappropriating Prsymian’s trade secrets and awarded $200,000 against Szymanski,” Prysmian’s statement added.
The market competitors and legal opponents traded barbs in their statements about the verdict. Prysmian’s North America chief executive officer Andrea Pirondini said, “This case came down to the basic principle of right versus wrong … It was clear that we had a solid case, and the jury decision confirms how America looks at the protection of trade secrets. It also demonstrates we will not stand still when it comes to defending our confidential information and trade secrets, competing fairly in the marketplace, and doing right by our customers.”
Among Prysmian’s accusations were that Szymanski took thousands of pages of Prysmian-confidential information and trade secrets with him when he joined Sterlite, including information about customers, products, and manufacturing-plant expansion plans.
In a statement announcing it will appeal, Sterlite stated it “strongly believes the verdict is not supported by the evidence and testimony in the case, and the case was filed for anti-competitive purposes only. During the course of the three-year lawsuit, the court dismissed all but two of Prysmian’s causes of action against STI.”
STI scoffed at the notion it gained any undue advantage over Prysmian, noting it “has over 30 years of global optical expertise. With 700 patents and 10 world-class global facilities, the company’s manufacturing capability, credentials, and successes are in the public domain for all to see.”
At the same time, STI reiterated its “full commitment to the U.S. market and to its employees, distributors, sales agents, and customers in the region, several of whom testified for STI in the trial.”
“We remain as excited and committed as ever to serve our customers in America, and we do not intend for this verdict to interrupt our plans to grow our U.S. presence,” said STI managing director Ankit Agarwal. “As a company, we uphold the highest standards of ethics and integrity. We believe the verdict is not supported by the testimony and evidence presented at the trial and intend to appeal and vigorously pursue all available post-trial remedies.”
Patrick Jacobi, Prysmian’s North America telecom senior vice president, commented, “Prysmian has a longstanding reputation for our quality products and our commitment to delivering innovative solutions in the telecommunications space. Securing a win in this case is a step in the right direction.”