Western Digital Corp. today reported that on November 18, 2011, an arbitration award of $525 million was rendered against the company by a sole arbitrator in a pending confidential arbitration action in Minnesota. The amount of the award does not include prejudgment interest, which will be subsequently determined. The award involves claims brought by Seagate Technology LLC against WD and one employee who was formerly employed by Seagate, alleging misappropriation of confidential information and trade secrets.
"We do not believe there is any basis in law or fact for the damage award of the arbitrator," said John Coyne, president and chief executive officer. "We believe the company acted properly at all times and we will vigorously challenge the award. This does not affect our ability to conduct our operations, to complete the recovery and recommencement of our Thailand operations or, subject to obtaining the required regulatory approvals, to consummate our planned acquisition of Hitachi GST."
Source: Western Digital
Latest News Posts
- AVG reveals eyeglasses that make you invisible to facial recognition
- Epic Games makes Unreal Engine 4 free for all
- Hewlett Packard is securing Wi-Fi network device maker Aruba Networks
- HTC says it is 'cooperating with Half-Life' for its VR headset
- Project Hex - white overload modded project
- x79s-up5 f3 bios
- ASRock B85M-ITX + Nofan CR-95C?
- Western Digital My Cloud DL4100 SMB NAS Review
- Asus x75a motherboard replacement
- Intel's new Cherry Trail x5, x7 and x3 Atom SoC Lineup Preview
- Moshi iLynx 3.0: 4-port USB 3.0 Hits Australia and New Zealand
- Fractal Design Announces Venturi Series Fans
- BitFenix Announces AEGIS Micro-ATX Chassis
- VisionTek Introduces DriveXpander 2.5-inch Drive Expansion Slot Adapter
- Charter Communications Says Net Neutrality Will Slow Broadband Growth and Mean Higher Fees