Prysmian Wins $96.5 Million Trade Secrets Verdict
A U.S. District Court jury in Columbia, South Carolina, awarded Prysmian $96,500,000 in damages from Sterlite Technologies, Inc., a U.S. business of India-based Sterlite Technologies Ltd. (STL), for trade secret violations involving a former Prysmian executive. The verdict followed a three-week trial that concluded on August 9, 2024.โ
In the same case, the jury also awarded Prysmian $200,000 in damages from former executive Stephen Szymanski. He previously led Prysmianโs North American optical fiber cable business before joining STL, a direct competitor, in August 2020. Sterlite and Szymanski denied any wrongdoing during the proceedings.โโ
Allegations of Misused Confidential Information
Prysmianโs June 2021 lawsuit alleged that Szymanski took confidential information and trade secrets from Prysmian. The company claimed that he then shared them with STL in the highly competitive optical fiber and cable market.โ
According to Prysmian, โthousands and thousandsโ of pages of confidential documents and trade secrets appeared in the possession of Szymanski and STL personnel in the U.S. Moreover, executives at STLโs global headquarters in Pune, India, also held some of this information. Prysmian stressed that this data covered customers, new products, and plans for manufacturing expansion.โ
Prysmian Emphasizes Ethics and Fair Competition
Prysmian North America CEO Andrea Pirondini praised the verdict as a clear result on โright versus wrong.โ He emphasized that Prysmian will protect its confidential information, defend its trade secrets, and continue to compete fairly for customers.โ
Prysmian North America Telecom Senior Vice President Patrick Jacobi highlighted the companyโs strong reputation for quality products and innovative telecommunications solutions. He said that the jury decision strengthens Prysmianโs position as a trusted leader in the telecom cable industry. For more information on Prysmianโs business and solutions, readers can visit https://na.prysmian.com and https://www.prysmian.com.โโ
Sterlite Technologies Responds and Plans Appeal
STL, a global optical and digital solutions company active in more than 150 countries, recently inaugurated its first U.S. cable manufacturing plant in Lugoff, South Carolina, focused on high fiber count, small-diameter cable products. The facility supports STLโs strategy to grow its presence in the U.S. fiber and broadband infrastructure market.โ
In a statement responding to the verdict, STL Managing Director Ankit Agarwal reaffirmed the companyโs commitment to serving customers in the United States and maintaining high ethical and integrity standards. STL stated that it believes the juryโs decision does not align with the testimony and evidence presented at trial and confirmed that it intends to appeal and pursue all available post-trial remedies. More details about STLโs global operations appear on its website at https://www.stl.tech.โ
