Seagate Wins $800 Million Verdict Against Western Digital

[[Coi] Mr.CLuBBeR]

Minnesota Supreme Court sides with Seagate

After coming out victorious in an appeals court last year, Seagate again has reason to celebrate a legal victory as the Minnesota Supreme Court upheld the previous $630.4 million arbitration award levied against rival Western Digital. The initial award was issued on January 23, 2012, and continues to accrue interest at 10 percent -- as of October 8, 2014, the total award with interest is worth about $800 million.
Seagate originally sued Western Digital over the theft of eight separate company trade secrets by one of its former employees. This final ruling in Seagate's favor is a big win for the company, as it can't be appealed.
"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."
The arbitration award accounts for $525 million of the $800 million that Western Digital now owes. The remaining $275 million is due to pre-award interest (around $105.4 million) and interest accrued on the principal amount of the award from January 24, 2012 through the date that it's paid.
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