ERJ staff report (LMH)
London - A US Court has awarded DuPont a total of $920.3 million in damages after ruling that South Korea's Kolon Industries violated trade secrets for a fibre used to make Kevlar bulletproof vests, according to a DuPont statement posted on Bloomberg, 22 Nov.
The statement said that a judge ruled, 22 Nov, that Kolon's actions called for punitive damages of $350 000, which is the maximum amount allowable by law. Coupled with an earlier jury verdict in Sept, overall damages now total $920 250 000.
The amount was confirmed by Kolon Industries in a 23 Nov disclosure on the Korea Stock Exchange.
Kolon was found liable of obtaining information about the making of Kevlar from DuPont employees who were bound by confidentiality regulations.
Reuters has reported that Kolon plans to appeal the court's decision.
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DuPont statement from Bloomberg
Disclosure On Korea Stock Exchange