Best Buy Co. Inc. must pay $27 million in damages for the improper use of TechFoward’s trade secrets, TechCrunch reports. TechForward, a startup based in California, claimed the Richfield-based electronics giant misappropriated trade secrets related to its guaranteed buyback program, which lets consumers trade in old electronics for new gadgets.
Best Buy gave the Business Journal a statement that said it disagrees with the ruling and will challenge the verdict.
TechForward filed the lawsuit last year in U.S. District Court and argued after working with Best Buy to implement an electronics buyback platform in its stores, the retailer started a similar program on its own, the Star Tribune reports.
Click here, for an original copy of the suit.
A copy of the ruling is posted below: