It's a complex story, but GE Capital in Japan claims that PTC faked ten large sales of its CAD software to Toshiba -- $62 million worth, of which PTC has repaid $21 million. GE got tired of waiting for PTC to cough up the rest, and is now demanding triple damages worth $141 million.
"PTC pretended to sell a lot of valuable equipment to Toshiba and induced GE to send the money for it. It turns out many of these supposed sales -- according to the complaint -- were not actually made, but GE paid the money."
Carolyn Y. Johnson of the Boston Globe has details in GE Capital accuses Mass. firm of fraud.
Update
PTC says, "Nope, not us:"
PTC has been reviewing this matter and our review to date has found no evidence that employees of PTC or its Japanese subsidiary participated in a scheme to defraud GELC.
Comments