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
- The entire gaming market slumped 12% in the US last year
- Bloody new 'Logan' trailer embraces hard R-rating
- Buy Resident Evil 7 on Xbox One, get it on the PC, too
- Zelda: Breath of the Wild has an awesome physics engine
- Hitman goes HDR on PC, PS4, Xbox One next week
- hp printer technical support
- How to prevent pc from waking up from sleep when a brown out occurs?
- Z170MX-Gaming 5 + i5 7600k.. Should work or not?
- ASRock 2.70 Splash Screen replaces Windows?
- bios update
- Transcend reveals industrial-grade SuperMLC JetFlash 740 USB flash drive for exceptional performance and endurance
- Light up your gaming with BIOSTAR B250 motherboard series
- MSI the pioneer in VR Gaming crowns winners of VR JAM
- NGE and Twitch partner to bring the Overwatch Winter Premiere Live Finals to PAX Arena at PAX South
- Bayview Labs, Seraph Group and MIT Game Lab announce 'Play Labs' VR/AR/AI Playful Tech Accelerator for MIT students and alumni