Jury Awards ICO at Least $371 Million Plus Interest in Boeing Lawsuit

ICO Global Communications was awarded at least $371 million in its litigation with The Boeing Company and Boeing Satellite Systems International (Boeing and BSSI). The jury’s verdict awards ICO $371 million against BSSI, composed of $279 million for breach of contract and fraud with regard to satellite pricing and $91.6 million for fraud with regard to launches. The jury also awarded ICO $91.6 million against BSSI’s parent company, Boeing, for tortious interference. Whether ICO can collect $91.6 million from Boeing in addition to the $371 million from BSSI will be the subject of further proceedings. The award does not include any pre-judgment interest that is to be applied by the Judge under California law. In view of the jury’s finding that BSSI and Boeing acted against ICO with malice, oppression or fraud, beginning on Tuesday, October 28, the jury will hear evidence and argument to determine the amount, if any, of punitive damages to be awarded to ICO.

“The jury has now ruled on the facts in this case, and we are pleased that this case has reached a verdict after years of litigation,” commented John Flynn, executive vice president and general counsel for ICO. “The jury agreed with ICO’s claims regarding fraud, breach of contract and tortious interference on the part of Boeing and its BSSI subsidiary.”