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News

Appeal court overturns claim on L-3

L-3 Communications : 01 July, 2008  (Company News)
L-3 Communications vindicated in $126 million claim lodged against them by OSI
L-3 Communications has announced that the US Court of Appeals for the Second Circuit vacated on Friday, June 27, 2008, a jury verdict of $126 million obtained by OSI in 2006. The court found that 'no reasonable jury could have found that L-3 owed a fiduciary duty to OSI,' and concluded that 'L-3 was entitled to judgment as a matter of law.' The court also remanded OSI's fraud claim to the trial court for a new trial, finding that the trial court incorrectly applied a lesser standard of proof than was warranted by law.

'We are very pleased with the appeals court's decision, which vindicates L-3,' said Michael Strianese, president and chief executive officer. The company will update its financial guidance for the year ending December 31, 2008, when it reports its results for the second quarter on July 24, 2008.

Headquartered in New York City, L-3 Communications employs over 64,000 people worldwide and is a prime contractor in aircraft modernisation and maintenance, C3ISR (Command, Control, Communications, Intelligence, Surveillance and Reconnaissance) systems and government services. L-3 is also a leading provider of high technology products, subsystems and systems. The company reported 2007 sales of $14 billion.
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