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Ecoark Awarded $115 Million in Lawsuit Against Walmart
Ecoark Awarded $115 Million in Lawsuit Against Walmart.
About this update from Riskon International, Inc.
[{"type":"text","content":"\n Walmart found liable on three claims in lawsuit filed by Zest Labs Inc. Jury unanimously awards Ecoark Holdings, Inc. $115 million in damages SAN ANTONIO, April 12, 2021 (GLOBE NEWSWIRE) -- Ecoark Holdings, Inc. (\"Ecoark\" or the “Company”) (OTC: ZEST) announces that on Friday, April 9, 2021, a Little Rock, Arkansas jury awarded Ecoark and its wholly owned subsidiary, Zest Labs Inc. (“Zest”) a total of $115 million in damages in a lawsuit against Bentonville-based Walmart Inc. (“Walmart”) (NYSE: WMT), the world's largest company as measured by annual revenue1. Walmart was found liable on three claims from the original lawsuit filed in August 2018. Specifically, the federal jury found that Walmart misappropriated Zest’s trade secrets, failed to comply with a written contract, and acted willfully and maliciously in misappropriating Zest’s trade secrets. In addition to the $65 million in compensatory damages, the award includes $50 million in punitive damages for Walmart’s willful and malicious conduct. The lawsuit accused Walmart of using and disclosing trade secrets of Zest relating to reducing and fighting the worldwide problem of fresh food loss and waste. One-third of all fresh food is thrown away as waste before consumption. Peter Mehring, CEO of Zest Labs made the following comment after the verdict. “We are grateful that the jury understood and acknowledged the evidence that supported Zest’s claims. This outcome further validates the unique and valuable solutions that Zest Labs built, and underscores the strength of our intellectual property.” The case was Zest Labs, Inc. et. al. v Walmart, Inc. case number 4:18-cv-500-JM, in the United States District Court for the Eastern District of Arkansas, Central Division. Randy May, Chairman and Chief Executive Officer of Ecoark, had the following to say in the Arkansas Times, as originally posted on Saturday, April 10, 2021. “We are happy that we had our day in court and that the jury found that Walmart misappropriated our trade secrets and breached the agreement between the parties. The damages awarded were strongly supported by the evidence. The jury verdict also allows us to file motions seeking attorneys’ fees and costs. We do not believe Walmart has any basis to appeal the verdict and doing...