The withdrawal follows the execution of a settlement agreement with Boeing pursuant to which Boeing waived its right to appellate court costs and agreed to pay $10 million to ICO.

   “As we previously indicated, the likelihood of the California Supreme Court agreeing to hear our case was remote,” Pendrell General Counsel Bob Jaffe said in a statement. “Furthermore, we anticipated several years of additional litigation with Boeing relating to its attempt to recover costs from ICO. As a result, we believe this settlement is in ICO’s best interests.”

   ICO’s litigation stems from when Hughes Electronics Corp. signed a contract with the company in 1995 to build and launch 12 satellites. Boeing inherited the contract when it acquired Hughes in 2000. At the time, only two of the satellites were completed. Less than a year later, one of the satellites was lost due to a failure aboard a Sea Launch rocket. Four years later, Boeing filed suit against ICO, which filed a countersuit for breach of contract after Boeing allegedly demanded ICO pay another $400 million to finish the job. ICO sought unspecified punitive damages and around $1.5 billion in actual damages, plus interest.