Quick Facts
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

Appellate Court Overturns Jury Verdict In ICO Global - Boeing Litigation

4/13/2012 6:58 PM ET

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

Editors Pick
Stocks are turning in a lackluster performance in morning trading on Monday after showing a strong move to the upside last week. The major averages have been unable to sustain any significant moves, bouncing back and forth across the unchanged line. Leading U.S. economic indicators showed continued improvement in the month of March, according to a report released by the Conference Board on Monday, with the leading economic index rising by slightly more than expected. The Conference Board said its leading economic index rose by 0.8 percent in March after climbing by 0.5 percent in February. Healthcare products maker Kimberly-Clark Corp. (KMB) said that its first-quarter net income attributable to the company rose to $538 million from the prior year's $531 million, with earnings per share improving to $1.41 from $1.36 last year. Adjusted earnings for the quarter were $1.48 per share,...
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.