Bank of America accused of stealing $300 million in software
Technology
The financial institution allegedly stockpiled large quantities of Tibco software while it was still within a license agreement that expired in February 2013, and then used the software for a project when it was unlicensed.
The enterprise software now is part of a massive IT project at the bank’s Merrill Lynch subsidiary, according to Tibco, which has filed a lawsuit.
About six months after the bank’s license expired, Tibco discovered the bank was “rolling out a large integration initiative called Merrill Lynch One,” the suit states.
The system was initially set up for 400 users in September 2013, with another 14,000 set to transition this year.
The bank does “not have licensed copies of the TIBCO Registered Software, and have instead made unauthorized copies and used the same for the Merrill Lynch One Project,” the suit claims.
The stockpile allegedly is worth at least $300 million.
Tibco wants an injunction preventing the bank from using the software, among other things.