By Jasen Lee, Deseret News
SALT LAKE CITY – A Pleasant Grove businessman has settled a lawsuit, agreeing to pay $220,000 to his former company for alleged copyright infringment.
B2B CFO filed a lawsuit in 2009 against Ken Kaufman and three of his entities, including CFOWise, claiming copyright infringement, misappropriation of trade secrets, breach of fiduciary duty as well as Lanham Act violations and Federal RICO violations.
According to a news release, Kaufman – who was a partner in the firm – left B2B CFO to form CFOWise in 2007, and used copyrighted intellectual property owned by B2B CFO in his new business. In agreeing to settle the lawsuit, Kaufman paid $220,000 to B2B CFO, and also admitted to improper conduct.
“For business reasons, there was an admission included in the settlement,” Kaufman told the Deseret News.
“By executing this Agreement, Defendant Kenneth A. Kaufman admits that he copied the intellectual property of B2B CFO, LLC and B2B CFO Partners, LLC, in violation of federal civil copyright law,” the settlement states.
“Our insurance company wanted to be done with it,” Kaufman said. “I was excited to be done with it … and it was an opportunity to put it behind us and move on.”
In a statement, Jerry L. Mills, founder and CEO of B2B CFO, said, “We are pleased that the Federal Court upheld the validity of our intellectual property. Intellectual property misappropriation is a serious problem in this country and businesses need to know how to protect themselves and understand the legal process which is very complex and can be quite costly.”
Copyright 2012, Deseret News Publishing Company