deCODE lawsuit settled

The Icelandic research firm reaches a compromise in suit alleging former employees stole trade secrets when they left for academia

Susan Warner
Jun 18, 2007
deCODE genetics, Inc. and the Children's Hospital of Philadelphia (CHOP) have settled a lawsuit, in which deCODE alleged top executives violated employment contracts and stole corporate secrets when they left the Icelandic research firm last year to establish a genomics center at the hospital.The suit, which triggered some dramatic testimony, raised questions about potential conflicts between private-sector and academic research organizations.Terms of the settlement announced Thursday (June 14) were not released, but in a U.S. Securities and Exchange Commission filing, deCODE said the four CHOP employees, including the director of the hospital's Center for Applied Genomics, have agreed not to use or disclose confidential deCODE information. The company also said CHOP had agreed to pay deCODE an undisclosed sum and the suit was dismissed with prejudice, meaning neither side can refile claims related to this dispute."I am pleased that we have managed to settle this case with the Children's...

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