Minnesota Court Confirms Arbitration Award In Favor Of Seagate

(RTTNews) - Seagate Technology plc (STX), said Wednesday the Minnesota Supreme Court has ruled that the arbitration award in favor of Seagate in the company's case against Western Digital for the misappropriation of Seagate trade secrets should be confirmed.

In the arbitration award, issued in January 2012, the arbitrator determined that Western Digital and its former employee had misappropriated Seagate trade secrets. The arbitrator awarded Seagate $525 million in compensatory damages and, after adding interest, issued a final award of $630.43 million. The award continues to accrue interest at 10%, and as of October 8, 2014, the total award with interest is about $800 million.