This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

ICO Global Cites Denial Of Due Process Resulting From Justices’ Recusals, Substantive Errors In Appellate Decision In Petition For Rehearing

Citing procedural irregularities and the participation in deliberations of two California appellate court justices who later determined they were required to recuse themselves, ICO Global Communications (Operations) Ltd. (“ICO”), a subsidiary of Pendrell Corporation, filed a petition yesterday seeking a rehearing of the decision of Division 8 of the California 2nd District Court of Appeal (the “Court”) that overturned one of the largest jury verdicts in the state’s history.

The motion, filed as part of ICO’s ongoing litigation with The Boeing Company and certain of its affiliates (“Boeing”), contends that ICO’s rights to due process were violated by the participation of two justices who determined that they were required to recuse themselves late in the appellate process, after oral argument had already occurred. The motion also asserts that the Court erred in substituting its own interpretation of the evidence for the jury’s conclusions.

On April 13, the Court issued an unpublished opinion overturning a 2008 California Superior Court jury verdict in the case. The jury had found Boeing liable for fraud, breach of contract and tortious interference, and after finding that Boeing engaged in “malice, oppression or fraud,” they also assessed punitive damages against Boeing. The jury’s verdict—the largest in the nation that year―was entered as a final judgment in the amount of $603 million, after extensive post-trial practice in the trial court. With interest, the award had grown to nearly $800 million over the three years that the appeal has been pending. The jury reached its verdict after twelve weeks of trial and four weeks of deliberation, which included a review of testimony and evidence reflected in thousands of pages of records and testimony from many witnesses. Notably, the Court did not overturn the jury’s conclusion that Boeing had engaged in fraud, but rather it determined that a reasonable jury could not have concluded that Boeing’s fraud caused damage to ICO.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,076.27 +64.33 0.36%
S&P 500 2,114.07 +4.47 0.21%
NASDAQ 5,099.2310 +22.7070 0.45%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs