Ford Wins Reversal Of $105M Trade Secrets Ruling: Report

Ford Motor Co F has reportedly won a legal suit regarding a settlement of $104.6 million to Versata Software Inc for contract breach and misappropriating trade secrets.
A federal judge in Detroit overturned a jury verdict ordering Ford to pay the settlement, reported Reuters.
The judge, Matthew Leitman, said while Versata Software offered satisfactory evidence for contract breach, the proof of damages calculation was not sufficient.
Versata Software licensed software to Ford from 1998 to 2015.
The judge also added that there was no way to find the time Ford needed to develop three trade secrets it allegedly stole.
The judge ordered Ford to pay Versata $3 for breach of contract.
"Overturning a jury verdict is difficult by design," the report quoted Leitman.
"But here," he added, "the lack of evidence presented by Versata forced the jury to rest its damages awards on nothing more than speculation. For that reason the damages awards cannot stand."
Versata had accused Ford of copying its software to avoid license fee payment.
Price Action: F shares closed higher by 1.52% at $12.06 on Monday.