Triumph for Black Knight: $155M Trade Secrets Theft Lawsuit Victory against PennyMac
Landmark Verdict Ends Long-Standing Legal Battle
In a significant legal victory, Black Knight Servicing Technologies has successfully concluded a four-year lawsuit against PennyMac Financial Services. The dispute, centered around allegations of trade secrets theft, resulted in a jury awarding Black Knight $155.2 million in damages.
As a leading provider of integrated software, data, and analytics solutions to the mortgage and real estate industries, Black Knight accused PennyMac of illicitly obtaining and utilizing their proprietary information to develop competing software. The jury’s ruling held PennyMac liable for breach of contract and misappropriation of trade secrets, sending a clear message about the severe consequences of such actions.
The jury also imposed $8.5 million in punitive damages, bringing the total amount awarded to $163.7 million. This landmark verdict serves as a powerful deterrent against trade secrets theft and highlights the critical importance of safeguarding intellectual property.