A jury in California has determined that Best Buy must pay $22 million in damages for improper use of another company’s trade secrets, and another $5 million in punitive damages. In a lawsuit filed by start-up TechForward in the United States District Court for the Central District of California last year, the company alleged that Best Buy and two of its subsidiaries misappropriated its trade secrets related to the Guaranteed Buyback Program, which allows customers to pay for the right to exchange products toward future purchases at a set price. A jury decided on Wednesday that Best Buy is guilty of making illegal use of TechForward’s trade secrets after working for months with the company and then deciding to cancel the deal and implement its own buyback program.
About Shelly Palmer
Shelly Palmer is a business advisor and technology consultant. He helps Fortune 500 companies with digital transformation, media and marketing. Named LinkedIn's Top Voice in Technology, he is the co-host of "Think About This with Shelly Palmer & Ross Martin" on the Westwood One Podcast Network. He covers tech and business for Good Day New York, writes a weekly column for Adweek, is a regular commentator on CNN and CNBC, and writes a popular daily business blog. Follow @shellypalmer or visit shellypalmer.com.