Experian wins complete victory in trade secret and breach of contract dispute over development of loss forecast model
Client(s) Experian Information Solutions, Inc.
Jones Day successfully obtained a complete victory on behalf of Experian Information Solutions, Inc. in a trade secret and breach of contract dispute against Weiss Residential Research LLC. The case arose out of a series of agreements in which Experian agreed to license Weiss' property valuation data to develop a Current Expected Credit Loss ("CECL") model and other potential products. After Experian lawfully elected to terminate the parties’ agreement, Weiss claimed that Experian fraudulently misappropriated its data and purported data matching "know-how." The district court granted Experian’s motion for summary judgment on September 30, 2021, finding that no evidence in the record suggested that Experian made false representations about Weiss’s ownership or revenue share in the CECL model. The victory was subsequently recognized by the Daily Journal as a "Top Defense Verdict" in California for 2021. On January 11, 2023, the Ninth Circuit affirmed the district court’s order, concluding that Experian did not in any way defraud Weiss. The Ninth Circuit further affirmed the district court’s conclusion that Weiss suffered no damages under the parties' agreement, despite Weiss's claim that he was entitled to more than $40 million in lost profits.
Weiss Residential Research LLC v. Experian Information Solutions, Inc., No. 8:20-cv-00861-MCS-DFM (C.D. Cal.); No. 22-55111 (9th Cir.)
