The Second Circuit Court recently passed a ruling in favor of Bank of New York Mellon Corp. and Deloitte in a case involving a possible trade secret theft. The court concluded that the two entities did not wrongfully take an investment valuation model proposed by a contractor, further establishing that the model was not legally a trade secret.
The court’s pronouncement vindicated the lower court’s original decision to dismiss the lawsuit propounded by the contractor. However, it disagreed with the lower court over the dismissal of an unjust enrichment claim that was filed against the Bank of New York Mellon Corp.
For further details, see the report on the case at Law360.