1. Welcome to TechPowerUp Forums, Guest! Please check out our forum guidelines for info related to our community.

Epson Announces Settlement of Lawsuit with Nokia and Extraordinary Loss

Discussion in 'News' started by btarunr, Dec 27, 2011.

  1. btarunr

    btarunr Editor & Senior Moderator Staff Member

    Joined:
    Oct 9, 2007
    Messages:
    28,847 (11.09/day)
    Thanks Received:
    13,714
    Location:
    Hyderabad, India
    Seiko Epson Corporation ("Epson," TSE: 6724) today announced that it has agreed to settle for US$80 million civil lawsuits filed against it in the United States and United Kingdom by Nokia Corporation of Finland and its subsidiaries ("Nokia") seeking damages stemming from purchases of liquid crystal displays.

    In November 2009, Nokia filed lawsuits in the United States and United Kingdom against Epson and its subsidiary companies including Epson Imaging Devices Corporation alleging violations of antitrust and competition laws. Epson has denied liability and vigorously defended the lawsuits. Because of the ongoing impacts of the lawsuits on its business and the expense of continuing litigation, however, the company has determined that settlement of the litigation is in Epson's best interests.

    Details of settlement
    Epson will pay Nokia the sum of US$80 million in full settlement of Nokia's claims, and Nokia will discontinue all related lawsuits filed against Epson and its global affiliates.

    Impact on business results
    Epson will, because of this settlement, post an extraordinary loss in its business results for the third quarter of the fiscal year ending March 2012. However, after evaluating factors such as recent business trends and prospects for extraordinary profits and losses going forward, Epson has decided to stand by its full-year forecast announced on November 14.
     
  2. FreedomEclipse

    FreedomEclipse ~Technological Technocrat~

    Joined:
    Apr 20, 2007
    Messages:
    13,921 (5.02/day)
    Thanks Received:
    2,359
    man, I wish i could get paid 80million :( my future kids and their kids would be set for life!!
     

Currently Active Users Viewing This Thread: 1 (0 members and 1 guest)

Share This Page