(CN) - A federal jury awarded nearly $920 million to American chemical-manufacturing giant DuPont, in the latest phase of its lawsuit against a Korean competitor that misappropriated its Kevlar manufacturing trade secrets.
DuPont says it developed Kevlar fiber technology in the 1960s, and it rapidly became a staple for law-enforcement and military arsenals. It also has various applications in other industries, ranging from sporting goods to fiber optic cables.
The Delaware-based company began investigating Kolon Industries' use of Kevlar technology in 2007, and eventually filed suit in the Eastern District of Virginia.
Wednesday, following years of litigation, a jury found that Kolon misappropriated 155 separate trade secrets "by improper means," willfully and maliciously.
DuPont will not receive prejudgment interest on the damages, but interest will accrue starting Thursday at 0.12 percent annually - roughly $1.1 million in the first year - until the award is paid in full.
DuPont senior vice president and general counsel Thomas Sager praised the decision in a press release as "an enormous victory for global intellectual property protection."
The company said it plans to request attorneys' fees and injunctive relief that would require Kolon to return its information and stop manufacturing the offending products.
Subscribe to Closing Arguments
Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.
Additional Reads
-
Alaska, Hawaiian Airlines April 17, 2024 -
-
Contributor-Test-Post-2024-04-12 April 12, 2024 -
