L.A. Court Reaches Final Judgement Amount in Boeing, ICO Case

[Satellite Today 03-03-09] A Los Angeles Superior Court overseeing litigation by ICO Global Communications against Boeing Co. and its satellite subsidiary has denied nearly all of Boeing’s post-trial motions, ICO announced Mar. 2. 
    The court’s final rulings denied six of seven Boeing motions and granted one motion regarding pricing fraud, reducing the judgment amount of $631 million, previously entered against Boeing in January, by approximately $28 million. As a result of the rulings, a judgment amount of $603 million is now final. 
    The rulings complete a trial court process that began in 2004. In October, a Los Angeles Superior Court jury ruled that Boeing had breached its contract with ICO and engaged in fraud, and that Boeing had tortiously interfered with ICO’s contract. The jury further found that in dealing with ICO, Boeing acted with malice, oppression or fraud. The verdicts totaled $371 million in compensatory damages and $236 million in punitive damages. 
    "If Boeing appeals and posts the nearly $1 billion bond necessary to prevent immediate efforts to collect the judgment, we will continue to vigorously pursue ICO’s rights. In the meantime, post-judgment interest will accrue on the judgment in the amount of 10 percent, over $60 million, per year," said John Flynn, executive vice president and general counsel for ICO, in a statement.