NEW YORK (CN) - A New York appeals court dismissed Motorola Inc. from paying any part of a $10.8 million judgment for JPMorgan Chase & Co. over defaulted loans the bank made to Iridium India Telecom Ltd., an Indian branch of Iridium Operating LLC.
Chase filed suit against Motorola, which is being sued by IITL in India, to collect its default judgment "in the event that Motorola shall become indebted, by judgment or otherwise, to (IITL) as a result" of the Indian lawsuit.
Given Motorola's expert evidence that the Indian courts will not recognize Chase's default judgment against IITL, the court ruled that garnishing any potential proceeds from IITL's action against Motorola subjects Motorola to "an intolerable high risk of double liability." See ruling.
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