logo
Share SHARE
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

Editors Pick
Ford Motor Co. has issued a safety recall for nearly 117,000 vehicles in North America to replace improperly tempered bolts in seats and seatbelts that could fracture. The affected vehicles include 2014 Ford F-150 pickup trucks, 2014 E-Series vans, 2014-15 Ford Escape SUVs and 2015 Lincoln MKC SUVs to replace improperly tempered bolts in seats and seatbelts. Electronics retailer Best Buy is adding Dyson mini-shops to its select stores in the U.S. next month. Dyson is a maker of vacuums, hair dryers, air purifiers and other household items. Starting in August, about 90 U.S. Best Buy stores will get new Dyson Demo Experiences - dedicated spaces that will enable customers try out Dyson products as if they were in their own home. Shares of Airbus Group SE were losing around 4 percent in the morning trading in Paris after the aerospace and defense major reported Thursday a sharp decline in its second-quarter profit with lower revenues. Further, the company maintained its guidance for the full year 2017.
comments powered by Disqus
Follow RTT