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.
More information can be found here.
About Seagate
Seagate is a worldwide leader in storage solutions. Learn more at www.seagate.com.
©2014 Seagate Technology LLC. All rights reserved. Printed in
the United States of America. Seagate, Seagate Technology and the Wave
logo, are trademarks or registered trademarks of Seagate Technology LLC
in the United States and/or other countries.
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