12:08 PM EST, 01/02/2025 (MT Newswires) -- Roper Technologies ( ROP ) said Thursday it will pay $17.7 million to Lucasys, a firm formed by former PowerPlan employees, to settle a lawsuit alleging that Roper's subsidiary, PowerPlan, used its dominant market position at utility companies to block potential rivals.

Lucasys sought at least $66 million in damages, along with other forms of relief, including treble damages, punitive damages, attorney fees, and pre-judgment interest.

Lucasys filed suit against PowerPlan in July 2020 in the US District Court for the Northern District of Georgia. The case moved to summary judgment proceedings after both companies filed motions, and oral arguments were held in May 2024.

The companies reached a settlement on Dec. 18, 2023, triggering a 45-day period for finalizing the agreement and securing court approval. While Roper vigorously disputes the allegations, it said the settlement eliminates the uncertainty of continued litigation.

Roper and PowerPlan did not have to admit or deny any wrongdoing as part of the settlement terms.

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