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Court Affirms Arbitration Award in Favor of Seagate
CUPERTINO, CA – October 8, 2014 — /BackupReview.info/ — 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.
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