The lawsuit was filed five years ago and it took about a day for the jury to make its decision: the evidence didn’t show one of the Middle East’s most prominent banks, Emirates NBD, committed fraud and stole technology from an Irvine firm, InfoSpan, that sued it for half a billion dollars in damages after a partnership between the two collapsed.
InfoSpan claimed in a federal court lawsuit that Dubai based Emirates NBD ended a partnership to develop and implement a mobile payment system because it didn’t want to share revenue and stole InfoSpan’s technology to launch its own service, according to the Los Angeles Times. The company sought $540 million in damages.
Emirates denied it stole or ever used InfoSpan’s technology. It claimed it cancelled the partnership because InfoSpan couldn’t do what it promised to do: produce a working product. The bank also alleged InfoSpan misled it into thinking it was an established company, not one with little to no track record.