This payment is the largest disclosed trade secrets settlement in
"This settlement points to the significant value of our software back then. We've continued to expand and improve our software, and that continues forward as NextCapital," said
"We're eager to provide even more innovative solutions to our clients, helping investors and institutions build and manage world-class investment portfolios," he added.
In 2003, Business Logic provided Ibbotson with software capable of managing individuals' 401(k) retirement accounts. After Morningstar purchased Ibbotson in 2006, Ibbotson started to develop its own software. In 2009, Business Logic sued Ibbotson and Morningstar for breach of contract, misappropriation of trade secrets and damages. Business Logic claimed
Business Logic was represented during the lawsuit by attorneys
"We are extremely appreciative of our legal team's hard work and creativity during this process," said
For more information on privately held company NextCapital and its current product offerings, please visit www.nextcapital.com.
Keywords for this news article include: Business Logic, Legal Issues, Software.
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