By Elizabeth Amon- Oct. 29 (Bloomberg)
ICO Seeks $949 Million Punitive Damages From Boeing
ICO Global Communications Holdings Ltd., which last week won a $370.6 million verdict against Boeing Co. over a failed agreement to build a satellite network, asked a jury for an additional $949 million in punitive damages.
Lawyers for ICO yesterday asked jurors in Los Angeles Superior Court to award $477 million against the Boeing Satellite Systems unit and $472 million against the parent company. The jurors last week found Boeing acted with malice, oppression or fraud, allowing ICO to seek punitive damages.
The amount should be substantial enough to ``punish Boeing and Boeing Satellite Systems and deter future misconduct,'' ICO lawyer Barry Lee told the jury. ``It shouldn't be a routine cost of business that can be passed on with little or no discomfort.''
The jurors on Oct. 21 agreed with ICO's arguments that Boeing unfairly demanded additional money to finish and launch the satellites, which Reston, Virginia-based ICO ordered to create mobile-phone connections to remote locations worldwide. The verdict was the fourth-largest in the U.S. this year, according to Bloomberg data.