Loral Space & Communications Ltd., SSL Reach $100M Settlement With ViaSat
Loral Space & Communications Ltd. (NASDAQ: LORL) today announced that Loral, Loral's former subsidiary, Space Systems/Loral, LLC (SSL), and ViaSat, Inc. (ViaSat) have settled the breach of contract and patent infringement lawsuits brought by ViaSat against Loral and SSL in February 2012 and against SSL in September 2013.
Under the terms of the settlement, in consideration of a current payment to ViaSat of $40 million and future payments of $60 million over 2 1/2 years with interest, ViaSat has agreed that SSL and its customers will be free from any lawsuits with respect to SSL's future use of the ten patents-in-suit and certain other patents and patent applications and with respect to breach of certain contracts that were the subject of the suit.
The settlement also releases Loral, SSL and their customers from all claims for patent infringement and breach of contract brought in the lawsuits.
The payments to ViaSat will initially be funded equally by Loral and SSL but will be subject to a further allocation between the parties. Loral and SSL have agreed to arbitration in October 2014 to allocate how much of the payment each party bears.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.