STL’s US Subsidiary Faces $96.5 Million Verdict in Prysmian Lawsuit

Sterlite Technologies Limited (STL) is facing a major legal setback as a U.S. jury awarded $96.5 million to Prysmian Cables and Systems USA in a case involving its U.S. subsidiary, Sterlite Technologies Inc. (STI). The ruling, from the U.S. District Court in South Carolina, stems from allegations that a former STI employee, Stephen Szymanski, violated non-compete and confidentiality agreements by sharing proprietary information, giving STI an unfair advantage. While STI denies the claims and asserts the verdict is not supported by trial evidence, it has announced plans to vigorously appeal the decision. The court denied Prysmian’s request for pre-judgment interest, a partial relief, but the core verdict stands. Notably, STL itself is not a party to the litigation, and no claims have been filed against the parent company. However, the financial outcome could still impact STL depending on the final resolution, especially given STI’s role in its global operations. The case highlights risks in cross-border talent and technology competition. With the appeal process expected to be lengthy, the final financial and strategic implications for STL’s U.S. business remain uncertain. Investors will closely monitor developments as the company defends its position in a critical market.