Minnesota Supreme Court Rules in Favor of Seagate in Arbitration vs. Western Digital
October 08 2014 - 2:24PM
Business Wire
Court Affirms Arbitration Award in Favor of
Seagate
Seagate Technology plc (NASDAQ:STX), a worldwide leader in
storage solutions, today announced that the Minnesota Supreme Court
has ruled that the arbitration award in favor of Seagate in the
company’s case against Western Digital for the misappropriation of
Seagate trade secrets should be confirmed.
“We are very pleased with the Court’s decision that was released
today,” said Steve Luczo, Seagate Chairman and CEO. “Protecting our
intellectual property is essential to maintaining a fair
competitive position in the market. We applaud the Court for
recognizing not only the importance of protecting intellectual
property but the merits of our case. Today’s decision resolves this
longstanding litigation in Seagate’s favor.”
In the arbitration award, issued on January 23, 2012, the
arbitrator determined that Western Digital and its former employee
had misappropriated Seagate trade secrets. The arbitrator awarded
Seagate $525,000,000 in compensatory damages and, after adding
interest, issued a final award of $630,431,501. The award continues
to accrue interest at 10%, and as of October 8, 2014, the total
award with interest is approximately $800,000,000.
More information can be found here.
About Seagate
Seagate is a worldwide leader in storage solutions. Learn more
at www.seagate.com.
©2014 Seagate Technology LLC. All rights reserved. Printed in
the United States of America. Seagate, Seagate Technology and the
Wave logo, are trademarks or registered trademarks of Seagate
Technology LLC in the United States and/or other countries.
Seagate TechnologyClive Over,
408-658-1617clive.over@seagate.com
Seagate Technology (NASDAQ:STX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Seagate Technology (NASDAQ:STX)
Historical Stock Chart
From Apr 2023 to Apr 2024