Sterlite Technologies Faces $96.5 Million Verdict in US Court

Sterlite Technologies Ltd. (STL) has provided an update on an ongoing litigation in the U.S. District Court, District of South Carolina, Columbia Division. The dispute is between Prysmian Cables and Systems USA, LLC and Sterlite Technologies Inc. (STI), a US subsidiary of STL. The Plaintiff alleges that an employee of STI, Mr. Stephen Szymanski, violated certain non-compete and confidentiality agreements, disclosing confidential information to STI. A Jury returned a verdict of USD 200,000 against Szymanski and USD 96.5 million against STI. However, STL is not a party to this dispute and no claims have been made against STL. STI believes the judgment is unsupported and intends to vigorously pursue post-trial remedies, including an appeal. The financial implications of the matter will be assessed on its ultimate resolution.