FONT-SIZE Plus   Neg

Appellate Court Overturns Jury Verdict In ICO Global - Boeing Litigation

Pendrell Corp. (PCO) announced that the Court of Appeal of the State of California, Second District, has overturned the 2008 California Superior Court jury verdict in the litigation between Pendrell's subsidiary, ICO Global Communications (Operations) Limited , and The Boeing Co. (BA) and certain of its subsidiaries. The Court also awarded Boeing its appellate costs.

Pendrell noted that ICO was awarded $603 million in October, 2008 by a jury following a lengthy trial in California Superior Court. The jury had found that one of Boeing's subsidiaries had committed fraud and breach of contract, and that Boeing had tortiously interfered with ICO's contractual rights in connection with a $2 billion construction and launch agreement for a worldwide satellite communications network.

Judgment on the $603 million verdict was later entered and affirmed by the Superior Court with post-judgment interest of ten percent. Boeing appealed the verdict in early 2009.

"We are clearly disappointed with the court's decision and we are evaluating our options for further review," commented Ben Wolff, chief executive officer of Pendrell.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Electric car maker Tesla Motors Inc. (TSLA), Wednesday reported a profit for the third quarter beating Wall Street estimates by a large margin, driven primarily by record production and deliveries. Shares of the company gained over 5 percent in extended hours after the company reaffirmed its delivery... Auvi-Q, the rival for EpiPen, will be coming back in 2017, pharmaceutical company Kaleo announced on Wednesday. Auvi-Q is a epinephrine injection used to treat life-threatening allergic reactions, including anaphylaxis, in people who are at risk for or have a history of serious allergic reactions. Auvi-Q... Uber's self-driving technology start-up Otto has partnered with Anheuser-Busch InBev to complete the world's first shipment by a self-driving truck. Otto said in a blog post that the company and Anheuser-Busch delivered 51,744 cans of Budweiser beer from Fort Collins, through downtown Denver, to Colorado Springs.
comments powered by Disqus
Follow RTT