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.