Ford Ordered To Pay $105M To Versata Software For License Breach: Report - Ford Motor (NYSE:F)

  • Ford Motor Co F has been ordered to pay Versata Software Inc $104.6 million by a federal jury in Detroit for a license contract breach.
  • Ford was accused of a 2004 licensing contract breach and misappropriating trade secrets, Reuters reported. The company was held liable after a fifteen-day trial.
  • Versata said it had licensed its automotive software to Ford from 1998 – 2015. Through the software, Ford’s engineers and marketing agents came together to design vehicles with “seamless real time updates” worldwide.
  • Dejected of paying huge amounts in licensing fees, Ford is said to have copied Versata’s software, the report added.
  • “While we respect the jury’s decision, we believe the facts and the law do not support this outcome,” the report cited Ford. “Ford will appeal the verdict.”
  • Also ReadFord Q3 Earnings Highlights: Revenue Beat, EPS Miss, Electric Vehicle Update And More
  • Price Action: F shares are trading lower by 0.54% at $12.93 in premarket on the last check Friday.
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