A long-standing litigation concerning trade secrets misappropriation involving Escrow agent SRS Acquiom and PNC Bank has recently been settled. The lawsuit, which started in 2019, was brought forward by SRS Acquiom over allegations that two of their former employees used proprietary information in their new roles to aid PNC Bank in gaining a competitive edge.
SRS, which is based in Denver, was represented in the case by Keker, Van Nest & Peters, who are based in San Francisco, California. Announced on the 16th of January, this settlement brings a closure to the suit that was originally filed in the U.S. District Court of Colorado.
It is important to note that the lawsuit accused the former employees of SRS of utilizing their confidential and protected “one-of-a-kind” tools to help companies in mergers and acquisitions transactions. This allegedly aided PNC’s development of its own M&A products.
For more specific details regarding the case and its settlement, you may refer to this publication on law.com.