Key Developments: Loral Space & Communications Inc (LORL.OQ)
17 Dec 2014
Latest Key Developments (Source: Significant Developments)
Loral Space & Communications Inc announces court overturns damage award in ViaSat lawsuit against SSL, orders new trial on damages
Loral Space & Communications Inc:Says trial court on Aug. 8 issued decisions on post-trial motions filed in breach of contract and patent infringement lawsuit brought by ViaSat, Inc. (ViaSat) against Loral and Loral's former subsidiary, Space Systems/Loral, LLC.Says finding that the jury's damages award resulted in a miscarriage of justice, vacated in full the $283 mln jury verdict against SSL.Says court ordered that new jury trial be held on the amount of damages and has tentatively scheduled the trial to proceed in Nov. 2014.Says court deferred, until Aug. 26, argument on ViaSat's motion seeking an injunction to prevent the manufacture and sale by SSL of additional satellites that infringe ViaSat's patents. Full Article
Loral Space and Communications Inc:Says that jury in the trial of the lawsuit with ViaSat, Inc. returned a verdict against Loral's former subsidiary, Space Systems/Loral, LLC (SSL).The jury found that SSL infringed the patents asserted by ViaSat in the case and also that SSL breached certain non-disclosure agreements with ViaSat.Damages of $283 million were awarded against SSL.The jury also found that Loral was not liable for either patent infringement or breach of contract. Full Article
Loral Space and Communications Inc reported in its Form 8-K that on March 15, 2013, the Board of Directors of the Company (Board) approved the termination of the employment of Harvey B. Rein as Senior Vice President and Chief Financial Officer (CFO) effective as of March 15, 2013. On March 15, 2013, the Board appointed John Capogrossi as Chief Financial Officer (CFO) and Treasurer of the Company effective as of March 15, 2013, replacing Mr. Rein and Mr. Stack in those positions, respectively. Full Article
Nov 24 - Ontario Teachers Pension plan and Canada's Public Sector Pension Investment Board are nearing a deal to acquire Loral Space & Communications Inc, according to a source familiar with the matter.