Following a six-week jury trial, we obtained a complete defense verdict in a misappropriation of trade secrets case on behalf of The Bankers’ Bank, N.A., headquartered in Oklahoma City. Our client is a bankers’ bank, which is essentially a bank for banks. Part of what our client does is to provide correspondent banking services to hundreds of small community banks similar to those services provided by the Federal Reserve
To do so, The Bankers’ Bank utilizes correspondent banking software it developed and which it provides to its own community respondent banks. It also licenses that software to other bankers’ banks in other parts of the country to use with their respondent community banks.
Literally billions of dollars flow through this system daily. The plaintiff is LendingTools.com, Inc., a software company that at one time had the majority of the market for correspondent banking software. LendingTools alleges that its former customers–customers that left to go to The Bankers’ Bank for their correspondent banking services–provided the trade secrets to The Bankers’ Bank, and that The Bankers’ Bank misappropriated them for its own use.
Originally LendingTools sought damages in excess of $55 million, but after The Bankers’ Bank successfully disqualified LendingTools’ first damages expert under Daubert, LendingTools’ went to trial seeking approximately $14 million in actuals, together with punitives and over $5 million in attorney fees.