FactSet says won lawsuit brought forward by Ashbury Heights
FactSet announced that it had won a lawsuit brought forward by Ashbury Heights Capital, LLC, an investment management and research company founded by Eric McGill and Paul Mingardi. A California state court jury returned a near unanimous defense verdict in favor of FactSet after almost three weeks of trial in the Superior Court of the State of California. Ashbury's lawsuit centered on allegations of breach of contract, fraud, and breach of confidence. Ashbury claimed that a contract dating back to 2012, prior to FactSet's 2013 acquisition of Revere Data, LLC, required FactSet to pay Ashbury perpetual royalties equal to approximately $100M on all sales of FactSet Supply Chain data and for the ongoing value of use to FactSet of its technology.