Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Appellate Court Overturns Jury Verdict In ICO Global - Boeing Litigation

RELATED NEWS
Trade PCO now with 

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.

Click here to receive FREE breaking news email alerts for Pendrell Corp. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
This apparel maker has doubled its earnings per share in just two years and regularly increasing its annual earnings forecast, despite a challenging consumer spending environment. Contributions from acquisitions, efficiency gains from self-owned global supply chain and benefits from 'Innovate-to-Elevate' strategy continue to boost the company's top-line and bottom-line results. Here is a quick summary of the earnings reported after the bell on Nov 20. We have 20+ stocks listed here. The good news is you can skip this step. There is a next move that can make your life a lot easier. Our research team has already done the groundwork for you. All these stocks listed... Design software maker Autodesk, Inc. said Thursday after the markets closed that its third quarter profit fell 81% from last year, as higher costs and expenses more than offset an 11% increase in revenue. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.