ATLANTA, Jan. 07, 2025 (GLOBE NEWSWIRE) -- Lucasys Inc, the leading provider of cloud tax software for North American utilities and energy companies, announced that it has settled its pending antitrust litigation with PowerPlan, Inc., a subsidiary of Roper Technologies.
To settle all outstanding claims, PowerPlan has paid Lucasys $24 million. As part of the binding settlement, which is not confidential, PowerPlan has agreed to “not engage in any retaliation, retribution, or discrimination against any PowerPlan customer for doing business with Lucasys or any vendor of such customer”. The settlement agreement in its entirety can be found here.
Lucasys sued PowerPlan on July 17, 2020 for violations of Federal antitrust law, contract interference, malicious interference, defamation, and sham trade secret assertions (Case Number 1:20CV02987 filed in the United States District Court for the Northern District of Georgia). In exchange for the terms in the binding settlement agreement, Lucasys has agreed to drop its litigation against PowerPlan for engaging in its anticompetitive campaign against Lucasys in furtherance of its monopoly.
Lucasys is pleased to utilize the settlement proceeds to advance the development of a full suite of income tax solutions and continue to invest in customer delivery and support operations. Building upon its success with Lucasys Tax Deprecation, Deferred Tax, Tax Basis Balance Sheet, and Copilot Process Automation, Lucasys will augment its solution offerings with Tax Provision, Tax Repairs, and Property Tax solutions.
Lucasys customers or potential customers who want to better understand how this settlement may impact them can contact Lucasys directly at settlement@lucasys.com.
Lucasys looks forward to accelerating its momentum in the marketplace and continuing to provide exceptional value for its customers.
About Lucasys
Lucasys delivers software and technology-enabled services to empower finance, accounting, and tax professionals in asset-intensive industries to optimize the financial performance of their fixed assets and proactively meet changing regulatory and compliance requirements. With a core focus on rate-regulated utilities, Lucasys provides the industry and domain expertise utilities require to meet their business objectives. To learn more about Lucasys, visit https://www.lucasys.com or follow us on LinkedIn.
Contact: Thomas Ferguson, CMO, Lucasys 1-844-582-2797 contact@lucasys.com
