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ICO Global Wins $371 Million Jury Verdict Against Boeing

October 22, 2008
by Eric Savitz
Blogger and Columnist, Barron's, Tech Trader Daily

Eric Savitz

ICO Global Communications (ICOG) late yesterday announced that the jury hearing its breach of contract and fraud case against Boeing (BA) awarded the company $371 million in damages. That includes $279 million for breach of contract and fraud with regard to satellite pricing by Boeing Satellite Systems International and another $91.6 million for fraud related to satellite launches.

The company noted that the jury awarded ICO another $91.6 million from Boeing Satellite’s parent company for “tortious interference.” ICO said whether it 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 prejudgment interest to be applied by the judge in the case under California law. The jury also has yet to decide whether to award any punitive damages; a hearing on that question will begin Oct. 28.

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