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.
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“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.”
On November 8th, 2023, the jury cleared Array of any wrongdoing, 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.”
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