Envestnet, Inc. Faces FinancialApps’s $100 Million Trade Secret Misappropriation Claims in Delaware Jury Trial

Financial technology pioneer FinancialApps’s $100 million lawsuit for trade secret misappropriation, tortious interference, and unfair competition against wealth management company Envestnet – whose acquisition by Bain Capital in a $4.5 billion deal was approved by shareholders earlier this week – is now headed to a jury trial in Delaware Federal Court.

On September 26, 2024, Judge Jennifer L. Hall of the United States District Court for the District of Delaware issued two opinions adopting, over Envestnet’s objections, reports and recommendations by Magistrate Judge Christopher J. Burke dismissing Envestnet’s defamation counterclaim against FinancialApps and denying Envestnet’s motion for summary judgment on FinancialApps’ s claims.

The Kasowitz Benson Torres LLP team representing FinancialApps is led by partners Marc E. Kasowitz, Matthew A. Kraus, A. Macdonald Caputo, Jr., and Joshua E. Hollander.