Lucasys Secures $24 Million Settlement in PowerPlan Antitrust Case

Lucasys a provider of cloud-based tax software for North American utilities and energy companies, has settled its antitrust lawsuit with PowerPlan, Inc., a subsidiary of Roper Technologies. According to Yahoo, PowerPlan will pay Lucasys $24 million as part of the settlement.

The binding agreement also requires PowerPlan to refrain from retaliating against any customers who choose to work with Lucasys or other vendors. Per Yahoo, the settlement resolves claims that PowerPlan engaged in anticompetitive practices aimed at maintaining its market dominance.

Lucasys filed the lawsuit on July 17, 2020, in the United States District Court for the Northern District of Georgia (Case Number 1:20CV02987). The company accused PowerPlan of violating federal antitrust laws, contract interference, defamation, and making baseless trade secret claims. With this settlement, Lucasys has agreed to drop its litigation.

Lucasys plans to use the settlement funds to expand its product offerings and improve customer support. The company aims to develop additional income tax solutions, including Tax Provision, Tax Repairs, and Property Tax services, building on its existing products like Tax Depreciation and Deferred Tax.

Source: Yahoo