Court Overturns Damage Award in Antitrust Case; Orders New Trial.MENLO PARK, Calif.--(BUSINESS WIRE)--April 30, 1999-- Raychem Corporation (NYSE NYSE See: New York Stock Exchange :RYC) announced today that an August 1998 jury award to Bourns, Inc. in an antitrust suit against Raychem has been thrown out by the trial judge. United States District Judge Carlos R. Moreno Carlos R. Moreno (born November 4, 1948) is an American jurist. He is currently an Associate Justice of the Supreme Court of California. Moreno received his B.A. in political science from Yale University in 1970 and his J.D. from Stanford Law School in 1975. confirmed that the jury had found monopoly power only in a single narrow market -- polymer PTC (PTC, Needham, MA, www.ptc.com) Long a world leader in mechanical computer-aided design, manufacturing and engineering software, PTC, through acquisitions and reorganization, has transformed itself into a leading provider of Internet-based B2B solutions for discrete manufacturers. circuit protection devices in primary lithium batteries. The judge further stated that Bourns' damages model was flawed and that the $64 million verdict was "against the clear weight of the evidence" and that it must be rejected "to prevent a miscarriage of justice A legal proceeding resulting in a prejudicial out-come. A miscarriage of justice arises when the decision of a court is inconsistent with the substantive rights of a party. .... Bournes engages in mathematical gymnastics to obfuscate that which cannot be any clearer -- the jury's award is excessive." The ongoing litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. between the two companies began in 1994 when Raychem sued Bourns and a former Raychem employee for theft of trade secrets and Bourns countered by filing an antitrust suit against Raychem. Raychem's theft of trade secrets case against Bourns is expected to go to trial this year. "We believe that Bourns will be unable to show any damages in the primary lithium battery market, and that Bourns' difficulties in that market are entirely attributable to other factors such as Raychem's superior products and technology. We are also anxious to present our theft of trade secrets case against Bourns which we filed originally in 1994," said Richard A. Kashnow, Raychem chairman, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , and president. Raychem Corporation Raychem Corporation of Menlo Park, California Menlo Park is a city in San Mateo County, California in the United States of America. It is located at latitude 37°29' North, longitude 122°9' East. Menlo Park had 30,785 inhabitants as of the 2000 U.S. Census. , is an international company with approximately 9,000 employees in 49 countries and revenues of $1.8 billion in fiscal 1998. The company utilizes expertise in materials science, electronics, and process engineering to develop, manufacture, and market high-performance products for electronics OEM businesses and telecommunications, energy and industrial applications. Information on Raychem is available on the Internet at www.raychem.com. |
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