TAMPA, Fla., March 10, 2020 /PRNewswire/ -- Financial-Information-Technologies, LLC ("Fintech") today announced that a jury in the U.S. District Court for the Middle District of Florida has ruled in favor of Fintech in its lawsuit against iControl Systems USA, LLC ("iControl") pertaining to the theft of Fintech's trade secrets. In connection with this verdict, the jury awarded Fintech compensatory and exemplary damages, totaling in the millions. Significantly, the verdict reflected the jury's finding that iControl's conduct was both willful and malicious. Following this verdict, Fintech will seek an injunction preventing iControl from further misappropriating Fintech's stolen trade secrets and to stop developing and selling products developed from this information.
"This verdict marks a multi-year effort to prove that iControl built their payments business largely by maliciously stealing our trade secrets," said Tad Phelps, CEO, Fintech. "We have spent over 28 years building our products for the alcohol payment space and have invested millions of dollars and countless resources to bring our industry-leading technologies to beverage alcohol retailers and distributors. This verdict confirms our stance that iControl was simply profiting off our pioneering spirit and years of development from our remarkable team."
"We are very pleased that the jury recognized the importance of protecting Fintech's trade secrets," said Katie Molloy, Greenberg Traurig Attorney/Shareholder. "The jury made a statement that the theft of our client's proprietary information and processes associated with secure payment transaction technologies in the regulated commerce business for electronic payments for alcohol distributors and retailers would not be tolerated."
Fintech, the leading business solutions provider for the beverage alcohol industry, offers a OneSource® solution for beverage alcohol management built to empower alcohol suppliers, distributors and retailers with actionable data. With decades of industry experience and knowledge, paired with unwavering dependability and trust, Fintech continues to lead the development of technologies built to increase margins and maximize operating efficiencies for anyone who sells alcohol. From product ordering, invoice management and reconciliation, and data reporting, to pricing and promotion communication, sales strategy, payment compliance adherence, and regulatory resource connectivity, Fintech delivers strategic, integrated solutions that connect over 605,000 business relationships nationwide.