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Technology Stocks : Seagate Technology

STX 255.88

-4.6%

Oct 31 4:00 PM EDT

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From: Sam	10/8/2014 1:27:18 PM
	of 7841

Western to pay Seagate $630M+ following court ruling The Minnesota Supreme Court has upheld a $630.4M arbitration award levied against Western Digital ( WDC +0.7%) over the theft of trade secrets by a former Seagate ( STX +0.6%) employee. An appeals court ruled in Seagate's favor last year. Since the S.C. verdict can't be appealed, Western expects to pay the amount in full to Seagate, as well as interested accrued since Jan. 2012 (the date of the original award ruling). Western had "recorded an accrual of $758 million" for the dispute as of June 27. Western had $5.1B in cash and short-term investments as of June 27, and $2.4B in debt. Seagate had $2.7B in cash and short-term investments as of the same date, and $3.9B in debt. The award will be paid using offshore cash. Seagate reports on Oct. 27, and Western on Oct. 28.

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