CombiMatrix Provides Update on Progress of Its Lawsuit With National Union and $36 Million Judgment
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Mon Jun 22 06:01:02 2009 EDT
MUKILTEO, Wash., Jun 22, 2009 (GlobeNewswire via COMTEX News Network) --
CombiMatrix Corporation (Nasdaq:CBMX) announced today that all Appellate Briefs
by CombiMatrix and National Union have been filed with the U.S. 9th Circuit Court
of Appeals (the "Court"). The case is now in the hands of the Court, which will
set a date for oral hearings.
In February 2008, the U.S. District Court for the Central District of California
awarded CombiMatrix $31.2 Million in its lawsuit against National Union Fire Insurance
Company of Pittsburg, PA. National Union is an AIG company (NYSE:AIG). Subsequently,
in April 2008, a final judgment was entered after the award had been increased to
$35.7 Million. National Union appealed the judgment, and the case is in the appellate
stage today. In September 2008, National Union posted an appellate bond of $39.3
million to cover payment of the award, including additional interest and possibly
additional legal fees. The award will continue to earn interest throughout the appellate
stage.
Dr. Amit Kumar, President and CEO of CombiMatrix Corporation stated, "We
are pleased to update our shareholders about the recent progress in this case. We
are also encouraged that this case, which began in 2005, is nearing its final stages.
Now that both sides have filed their written appellate briefs, we are looking forward
to the oral hearing. While we are awaiting the oral argument, we have no information
as to any specific date." |
