Caterpillar was ordered to pay $73.6 million in damages in a lawsuit by a former supplier that accused the equipment manufacturer of misappropriating its trade secrets.
A federal jury in Chicago on Friday awarded the damages to Miller UK, a British manufacturer whose case drew attention because the company funded its suit with financing from third-parties not involved in the dispute.
The verdict was confirmed on Monday by Reed Oslan, a lawyer for Miller, which filed the lawsuit in 2010.
Caterpillar spokeswoman Rachel Potts said the company was disappointed by the verdict and was considering its next steps.
According to the lawsuit, Miller had long supplied Caterpillar with a device called a coupler that enables the operator of a hydraulic excavator to attach tools such as buckets and hammers.
In 2008, Caterpillar developed its own coupler product and moved to end its supply agreement with Miller.
Miller said Caterpillar's product was based on confidential information it supplied and accused the company of misappropriating its trade secrets.
For the full story, on reuters.com, click here.
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