Software Co. To Wind Down After $62M Trade Secret Verdict

By Vince Sullivan (September 21, 2021, 7:34 PM EDT) -- Software developer Expedien filed for Chapter 7 bankruptcy late Monday in Texas, opting to wind down its business in the wake of a $62 million judgment against it and another company for conspiring to steal the trade secrets of apartment rental software company ResMan LLC.

The company said in its bankruptcy filings that it owes $44 million as part of a judgment handed down by a Texas federal judge earlier this year following a jury verdict that Karya Property Management allowed Expedien to access ResMan's apartment management software so Expedien could develop a competing product.

"[T]he Board has determined that filing...

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