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Monday, November 21, 2011
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Seagate Wins $525 Million From Western Digital in Arbitration
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Western Digital today reported that on November 18, 2011, an
arbitration award of $525 million was rendered against the
company by an 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."
Seagate did not comment on the matter.
Western Digital in March agreed to acquire Hitachi's hard drive business for $4.3 billion, which is undergoing regulatory approvals. Seagate in April agreed to buy Samsung's hard drive business for $1.38 billion, which has been approved by the European Union. |
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