Monday, January 5, 2009

ICO Wins $631 Million Court Judgment in Case Against Boeing

The Los Angeles Superior Court awarded a judgment of$631,067,767.00 to ICO Global Communications in its lawsuit against The Boeing Company and its Boeing Satellite Services International subsidiary. The judgment consists of compensatory damages of $371 million and punitive damages of $236 million, which the jury awarded in October 2008, plus pre-judgment interest. Beginning January 2, 2009, post-judgment interest will accrue on the full judgment amount at the rate of 10% per annum (simple interest), or $63,106,777.00 per year. Based on available information, ICO believes that the judgment represents the largest jury verdict of 2008.

The judgment is subject to post-judgment motions, appeal and collection.

See also