|[April 13, 2012]
Ruling Issued by Appellate Court on ICO Global - Boeing Litigation
KIRKLAND, Wash. --(Business Wire)--
Pendrell Corporation (NASDAQ: PCO) ("Pendrell" or "the Company")
announced today that the Court of Appeal of the State of California,
Second District ("the Court"), has overturned the 2008 California
Superior Court jury verdict in the litigation between Pendrell's
subsidiary, ICO Global Communications (Operations) Limited ("ICO"), and
The Boeing (News - Alert) Company and certain of its subsidiaries ("Boeing"). The Court
also awarded Boeing its appellate costs.
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 ubsidiaries 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. The proceedings before the California Court of Appeal were
significantly delayed, most recently by the highly unusual recusal of
two appellate justices without explanation.
"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.
About Pendrell Corporation
Pendrell is headquartered in Kirkland, Washington. For more information
about Pendrell, visit www.pendrell.com.
[ Back To Homepage ]