Ultrasound developer Verasonics is set to receive approximately double it’s initial $2.9 million reward after arbitration in a trade secret case against Alpinion Medical Systems, according to court documents.
In June, a final arbitration award was issued for approximately $2.6 million in attorney’s fees and other expenses as well as $110,059 in arbitration fees and costs, lifting the total amount awarded to $5.6 million, according to court documents.
In the case, Verasonics argued that Korean ultrasound maker Alpinion Medical contacted Verasonics in 2010 with interest in licensing its ultrasound, and the 2 companies inked a non-disclosure agreement that year. Alpinion reportedly feigned interest in the company to extract confidential information, and eventually released a new ultrasound platform Verasonics said was based on said confidential information.
In 2014, Kirkland, Wash.-based Verasonics filed a complaint against Alpinion in a Washington court, with both parties agreeing to a stay in the case pending arbitration.
The arbitrator ruled in Verasonics favor, awarding $2.9 million based on NDA and lease agreement claims, according to court documents.