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Christopher Doherty
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Tuesday, 21 October 2008 |
ICO Global Communications (Holdings) Limited (ICO) (NASDAQ: ICOG) today was awarded at least $371 million in its litigation with The Boeing Company and Boeing Satellite Systems International (Boeing and BSSI).
The jury's verdict awards ICO $371 million against BSSI, composed of $279 million for breach of contract and fraud with regard to satellite pricing and $91.6 million for fraud with regard to launches. The jury also awarded ICO $91.6 million against BSSI's parent company, Boeing, for tortious interference. Whether ICO can collect $91.6 million from Boeing in addition to the $371 million from BSSI will be the subject of further proceedings. The award does not include any pre-judgment interest that is to be applied by the Judge under California law. In view of the jury's finding that BSSI and Boeing acted against ICO with malice, oppression or fraud, beginning on Tuesday, October 28, the jury will hear evidence and argument to determine the amount, if any, of punitive damages to be awarded to ICO.
"The jury has now ruled on the facts in this case, and we are pleased that this case has reached a verdict after years of litigation," commented John Flynn, executive vice president and general counsel for ICO. "The jury agreed with ICO's claims regarding fraud, breach of contract and tortious interference on the part of Boeing and its BSSI subsidiary."
The trial began on June 16, 2008. Case number BC320115.
About ICO
ICO Global Communications (Holdings) Limited is a satellite communications company developing an advanced next-generation hybrid media system, combining both satellite and terrestrial communications capabilities. ICO G1 is capable of supporting wireless voice, data, and/or Internet services throughout the United States on mobile and portable devices. ICO is deploying a mobile interactive media service known as ICO mim™. ICO mim will combine ICO's unique interactive satellite capability with nationwide coverage to deliver a new level of navigation, enhanced roadside assistance and the ultimate mobile video experience, including 10-15 live channels of premium television content. ICO is based in Reston, Virginia. |
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