Best Buy Sued for Stealing Trade Secrets

The company will pay millions for using another business’ buyback program model.

Tom’s Hardware explains…

California-based TechForward filed its lawsuit against Best Buy in the United States District Court for the Central District of California in 2011. The small start-up claimed that Best Buy misappropriated TechForward’s trade secrets relating to TechForward’s own “Guaranteed Buyback Program”.

According to TechForward, its Guaranteed Buyback Program had been implemented with other national consumer electronics retailers around the country.

“Under the Guaranteed Buyback Program, the consumer electronic retailer’s customers pay for the right to redeem newly purchased electronic devices at a future date in exchange for store credit that represents a percentage of the original purchase price that can be used toward the purchase of another device from the retailer,” TechForward explained in a press release on Friday.

They’ll have to pay $27 million because of it.

Sign up for our free newsletter

Like this article? Sign up for our newsletter and we'll send you a regular digest of our newest stories, full of money saving tips and advice, free! We'll also email you a PDF of Stacy Johnson's "205 Ways to Save Money" as soon as you've subscribed. It's full of great tips that'll help you save a ton of extra cash. It doesn't cost a dime, so why wait? Click here to sign up now.

Recommended For You


Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 2,007 more deals!