Array Prevails in Lawsuit Filed by ConsumerDirect; Jury Awards Array $5.2 Million in Total Damages
Array, a leading financial innovation platform, announced that it won a lawsuit filed by competitor ConsumerDirect. Last Wednesday, a jury in federal court in Santa Ana, California delivered a unanimous verdict in favor of Array. The jury rejected all of ConsumerDirect's claims and awarded Array $1.3 million in economic damages and $3.9 million in punitive damages due to ConsumerDirect's fraudulent and malicious conduct.
Almost two years ago, ConsumerDirect filed a lawsuit against Array for alleged trademark infringement, cybersquatting, interference with various clients and unfair competition.
On November 8th, 2023, the jury cleared Array of any wrogdoing, and instead found that ConsumerDirect had maliciously interfered with the company's relationships. The Court also found, based on a third-party forensic inspection of ConsumerDirect's top executives' computers and phones, that ConsumerDirect had fabricated evidence, backdated key documents and committed perjury in sworn testimony to the Court.
"This jury verdict vindicates Array and confirms that ConsumerDirect's claims against Array were without merit, and that the company intended to damage our business and key industry relationships," said Martin Toha, Founder and CEO of Array. "Credibility is everything in the financial services industry. We are thankful that the courts will take action against nefarious business practices and to support free-market innovation."
Array fuels financial progress for many of the world's leading fintechs, financial institutions, and digital brands with a suite of private-label fintech solutions that can be easily embedded. Array drives engagement and revenue for our clients by helping them stand out in a crowded market and forge deeper relationships with their customers. More than a suite of products, we're building a platform to help consumers own their financial future.
Array was founded in 2020 by Martin Toha. Key investors include Battery Ventures, General Catalyst, and Nyca Partners. To learn more visit array.com.
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