San Diego business may be interested in the conclusion of one multi-million dollar intellectual property infringement lawsuit that has been fought for nearly five years. The companies have settled and both appear to be satisfied with this conclusion.
In 2003, financial software firm Business Logic, based in Chicago, began to provide investment firm Ibbotson Associates when software technology to help its clients manage their 401(k) accounts. In 2009, Ibbotson was acquired by another Chicago-based company, Morningstar. After the purchase, Morningstar began development on its own software to track and manage 401(k) investments. Business Logic then filed a lawsuit against Morningstar, alleging that they misappropriated Business Logic's trade secrets and breached contracts between their firm and Ibbotson in developing this new software.