logo
Share SHARE
FONT-SIZE Plus   Neg

Appellate Court Overturns Jury Verdict In ICO Global - Boeing Litigation

Pendrell Corp. (PCO: Quote) 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: Quote) 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

Editors Pick
Apple will unveil its Apple Watch with a battery that may last only 2.5 to 4 hours on very active use, according to a report in 9to5mac. "People with knowledge of the Apple Watch's development have provided us with the specific performance targets Apple wants to achieve for the Apple Watch battery,... HARMAN International Industries, Inc. (HAR) announced it has signed an agreement with Symphony Technology Group to acquire Symphony Teleca, a privately-held global software services company. Check out this story for a look at some of We are just a few weeks into 2015 and it has already been a busy year for merger deals and merger talks. Here is a list of some of the M&A stories that have made headlines so far in 2015.
comments powered by Disqus
Follow RTT