From Earlier: ICO Global Announces Withdrawal of Petition for Review in Boeing Litigation
ICO Global Communications (Operations) Ltd, a subsidiary of Pendrell Corporation (NASDAQ: PCO), announced yesterday that it has withdrawn its petition for review to the California Supreme Court in connection with its litigation against The Boeing Company (NYSE: BA) and certain of its subsidiaries. The withdrawal comes following the execution of a settlement agreement with Boeing pursuant to which Boeing waived its right to appellate court costs and agreed to pay $10 million to ICO.
On April 13, 2012, the California Court of Appeal reversed a 2008 California Superior Court ruling that had awarded ICO $603 million for breach of contract, fraud and tortious interference. The Court of Appeal also awarded Boeing its appellate court costs, which Boeing had indicated would be substantial. ICO filed a petition to the California Supreme Court on May 23, 2012 requesting further review of the case.
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