Seagate Technology Reports Arbitration Decision
22 Novembre 2011 - 1:29AM
Business Wire
Seagate Technology today reported that, on November 18, 2011, an
arbitrator in a binding arbitration in Minnesota issued an interim
award that Seagate is entitled to recover compensatory damages of
$525 million, plus pre-award interest on the compensatory damage
award at the rate of 10% per year, from Western Digital Corporation
and a Western Digital employee who was formerly employed by
Seagate, in a case involving claims for trade secret
misappropriation, breach of contract and other related claims.
The arbitrator has requested additional briefing from the
parties regarding the amount of the pre-award interest. Upon
determination of the amount of pre-award interest, the arbitrator
will issue a final award. After the arbitrator issues the final
award, Seagate will request that the Hennepin County District Court
of Minnesota (the “Court”) confirm the arbitration award and enter
judgment in the amount of the final award.
This matter began as a lawsuit filed by Seagate against Western
Digital and its employee in the Court in October 2006. In September
2007, the Court ordered that the lawsuit be stayed pending
arbitration.
Cautionary Note Regarding
Forward-Looking Statements This press release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934 with respect to the Company’s intent to seek court
confirmation of the arbitration award through a judgment to be
entered by the Hennepin County District Court. These
forward-looking statements are based on information available to
the Company as of the date of this press release. Current
expectations and assumptions involve a number of risks,
uncertainties, and other factors that could cause actual results to
differ materially from those anticipated by these forward-looking
statements. Such risks, uncertainties and other factors, such as
the ultimate outcome of the referenced arbitration, whether a
judgment will be entered in the Company’s favor and the amount of
any such judgment that may be entered, may be beyond the Company’s
control. These forward-looking statements should not be relied upon
as representing the Company’s views as of any subsequent date and
the Company undertakes no obligation to update forward-looking
statements to reflect events or circumstances after the date they
were made.
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