Motorola is one step closer to seeing a $1 billion payday, now that a federal appeals court upheld the punitive-damage award against members of Turkey's Uzan family. The case hinged on Motorola's allegation that the members of the Uzan family committed massive fraud regarding loans to Telsim Mobil Telekomunikasyon Hizmetleri, a Turkish carrier. In making the ruling, the court denied the family members contention that the $1 billion reward was tantamount to an "economic death sentence," or invalid under Illinois law because it was excessive.
For more on the case:
- read this article from the WSJ (sub. req.)