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Christopher Doherty
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Friday, 31 October 2008 |
A Los Angeles Superior Court jury today awarded ICO Global Communications (Holdings) Limited (NASDAQ: ICOG) $236 million in punitive damages in its case versus The Boeing Company and its Boeing Satellite Services International subsidiary (collectively, "Boeing") (NYSE: BA).
Today's award is in addition to the at least $371 million awarded last week when the jury found Boeing liable for fraud, tortious interference, and breach of contract. In addition, the Court will determine the amount of pre-judgment interest to be added to the award, which ICO expects to be approximately $100 million. The total expected judgment to be entered against Boeing in favor of ICO is approximately $707 million.
"We appreciate the sacrifices made by the jury in performing their civic duty over this lengthy trial," commented J. Timothy Bryan, chief executive officer for ICO. "ICO's attention now turns to collecting all of the damages awarded, including all of the substantial post judgment interest which will accrue to ICO from the date of the judgment should Boeing pursue an appeal."
Case number BC320115 was initially filed in Los Angeles Superior Court in August 2004. The trial began on June 16, 2008.
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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