Envestnet (ENV) faces a jury trial in a $100 million lawsuit filed by FinancialApps alleging the wealth management company misappropriated trade secrets, Kasowitz Benson Torres, counsel for the financial platform provider, said Friday in a statement.
Judge Jennifer Hall on Thursday adopted reports by Magistrate Judge Christopher J. Burke, dismissing Envestnet's defamation counterclaim and denying the motion for summary judgment on the claims by FinancialApps, the law firm said.
"We are pleased with the court's well-reasoned opinions," said Marc Kasowitz, lead trial counsel for the FinancialApps.
Envestnet didn't immediately respond to a request for comment from MT Newswires.
On Tuesday, Envestnet shareholders at a special meeting approved the acquisition by Bain Capital by almost 100% of the vote. The $4.5 billion takeover was announced July 11.
Envestnet shares were little changed in recent trading Friday.
Price: 62.54, Change: +0.01, Percent Change: +0.02
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