ICO wins judgment against Boeing

A jury found Boeing should pay $236 million in punitive damages to satellite company ICO Global Communications for breach of contract relating to the build and launch of satellites for the firm, which is headed by cellular mogul Craig McCaw.

Boeing now owes some $607 million to ICO, including $371 million in compensatory damages the same jury awarded last week. In all, Boeing could end up having to pay $700 million. In April, ICO launched a satellite that will deliver mobile entertainment applications. ICO filed its lawsuit against Boeing back in 2004, accusing the aerospace company of hurting the launch of its satellite network by fraudulently raising prices for the project.

ICO originally had a deal with Hughes Electronics in the mid-1990s to build and launch a dozen satellites. When Boeing bought Hughes in 2000, it inherited the contract but only finished two satellites. ICO sued four years later after Boeing allegedly demanded ICO pay another $400 million to finish the work.

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