Evestnet, a Fintech owned by Bain Capital, is headed to trial as part of an ongoing legal battle with FinancialApps.
Evestnet was acquired by Bain in 2024 in a deal worth around $4.5 billion.
This past August, it was reported that formal sanctions against Envestnet and Yodlee were recommended by a Special Master appointed by the Delaware District Court. At one point, Envestnet owned Yodlee, but it was sold to Symphony Technology Group (STG) in September 2025.
According to the law firm Kasowitz, a federal judge in Delaware affirmed the sanction “for deliberately destroying highly relevant evidence in a theft of trade secret case.”
The case is now headed to a jury trial in Delaware Federal Court.
Judge Jennifer L. Hall posited in his memorandum:
“I agree with Special Master Stover that the evidence—including the fact that Defendants made a deliberate decision to destroy a highly relevant data source called “Papertrail” six days after Defendants were sued, notwithstanding that the monthly cost to preserve the data was negligible—supports a finding of intent to deprive. Third, Defendants argue that the evidence showed that the cancellation of Papertrail was done to reduce costs. The R&R found otherwise, and I do too.”