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International Business Machines Corporation (NYSE:IBM) has reportedly triumphed in a legal battle, overturning $1.6 billion in damages awarded to BMC Software Inc. in 2022.
The dispute stemmed from IBM’s implementation of its own software while servicing their shared client, AT&T Inc (NYSE:T).
The U.S. 5th Circuit Court of Appeals ruled in favor of IBM, nullifying one of the largest-ever judgments in a commercial dispute, according to a report from Bloomberg.
Judges found that IBM lawfully acquired AT&T’s mainframe software account without breaching agreements with BMC.
Also Read: IBM Signs Agreements With The Government Of Canada
Houston-based BMC sued IBM in 2017, alleging violation of a no-poach agreement.
The appeals court judges agreed that AT&T’s decision to switch software was independent of IBM’s influence.
The case is BMC Software v. IBM, 22-20463, U.S. Fifth Circuit Court of Appeals (New Orleans).
IBM stock has gained more than 31% in the past 12 months. Investors can gain exposure to IBM via First Trust Morningstar Dividend Leaders Index Fund (NYSE:FDL) and First Trust NASDAQ Technology Dividend Index Fund (NASDAQ:TDIV).
Price Action: IBM shares are trading lower by 0.45% at $165.46 in premarket at the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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