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FactSet Wins Lawsuit
August 9, 2018
NORWALK, Conn., Aug. 09, 2018 (GLOBE NEWSWIRE) -- FactSet (NYSE:FDS | NASDAQ:FDS), a global provider of integrated financial information, analytical applications, and industry-leading services, today announced that it had won a lawsuit brought forward by Ashbury Heights Capital, LLC (Ashbury), an investment management and research company founded by Eric McGill and Paul Mingardi. A California state court jury returned a near unanimous defense verdict in favor of FactSet after almost three weeks of trial in the Superior Court of the State of California.
Ashbury’s lawsuit centered on allegations of breach of contract, fraud, and breach of confidence. Ashbury claimed that a contract dating back to 2012, prior to FactSet’s 2013 acquisition of Revere Data, LLC, required FactSet to pay Ashbury perpetual royalties equal to approximately $100 million on all sales of FactSet Supply Chain data and for the ongoing value of use to FactSet of its technology.
“We are very pleased with this verdict. We always believed Ashbury’s allegations lacked merit and this win confirms our view,” said Rachel Stern, General Counsel, FactSet.
FactSet was represented by Holly House. Paul Hastings LLP served as co-counsel. Persons interested in the details of this case can see Ashbury Heights Capital, LLC v. FactSet Research Systems Inc. et al., case number CGC-14-542833.
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