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Strategies & Market Trends : The Financial Collapse of 2001 Unwinding -- Ignore unavailable to you. Want to Upgrade?

To: elmatador who wrote (1545)	12/9/2018 10:57:36 AM
From: richardred	Read Replies (2) \| Respond to of 13801

AMSC gets $57 million from Chinese theft case Jessica Rinaldi/Globe Staff/File A Sinovel wind turbine in Charlestown. By Hiawatha Bray Globe Staff July 06, 2018 A federal judge in Wisconsin has ordered Chinese windmill maker Sinovel Wind Group Co., to pay $57.5 million to American Superconductor Inc. (AMSC) for stealing the Devens company’s software to control wind turbines. The payment is the result of an unusual federal prosecution of a Chinese company, and comes as the Trump administration has pressed Beijing to end practices that it claims co-opt US technology and costs the economy billions a year. It comes on the same day that a simmering trade war between the two nations erupted into the open, with billions in tariffs on products from each country going into effect Friday. In January, a US federal court convicted Sinovel of the theft, which cost the Devens company, also known as American Superconductor, $1 billion in stock market value, and $800 million in revenue. Just prior to Friday’s sentencing, American Superconductor reached a deal with Sinovel for compensation, and has already received $32.5 million. The Chinese company has a year to pay the remaining $25 million. Sinovel will also pay a $1.5 million fine to the US government, and $850,000 to additional unnamed victims of the theft. Though the settlement is a fraction of losses suffered by AMSC, chief executive Daniel McGahn said it was the most his company could hope for. bostonglobe.com