Court Overturns Damage Award in ViaSat Lawsuit Against SSL, Orders New Trial on
Loral and SSL Plan to Appeal Jury Findings on Liability
NEW YORK, NY -- (Marketwired) -- 08/11/14 -- Loral Space &
Communications Inc. (NASDAQ: LORL) today announced that the trial
court on August 8, 2014 issued decisions on the post-trial motions
filed in the breach of contract and patent infringement lawsuit
brought by ViaSat, Inc. (ViaSat) against Loral and Loral's former
subsidiary, Space Systems/Loral, LLC (SSL).
In its decisions, the court, finding that the jury's damages award
resulted in a miscarriage of justice, vacated in full the $283
million jury verdict against SSL. The court ordered that a new jury
trial be held on the amount of damages and has tentatively scheduled
the trial to proceed in November 2014. The court deferred, until
August 26, 2014, argument on ViaSat's motion seeking an injunction to
prevent the manufacture and sale by SSL of additional satellites that
infringe ViaSat's patents.
"We are pleased with the court's decision, as it is an important
first step in rectifying the injustice resulting from the April 2014
trial," said Michael B. Targoff, Vice Chairman of Loral. "Not only do
we believe that the jury's damages award was excessive, but we
continue to believe that we have strong grounds for challenging the
jury's liability findings on appeal."
About Loral Space & Communications Inc.
Loral Space & Communications
is a satellite communications company. Loral owns 62.8 percent of
Telesat Canada, a global operator of telecommunications and direct
broadcast satellites used to distribute video entertainment
programming, broadband data, and provide access to Internet services
and other value-added communications services. For more information,
visit Loral's web site at www.loral.com. LORL-G
This document contains forward-looking statements within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995. When
used in this press release, the words "believes," "expects," "plans,"
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& Communications Inc. or its representatives have made or may make
forward-looking statements, orally or in writing, which may be
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materially from anticipated results as a result of certain risks and
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"Commitments and Contingencies" note to our financial statements in
the current Form 10-K and in Loral's quarterly reports on Form 10-Q.
The reader is specifically referred to these documents, as well as
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Risks and uncertainties include but are not limited to (1) risks
associated with financial factors, including swings in the global
financial markets, increases in interest rates and access to capital;
(2) risks associated with satellite services, including dependence on
large customers, launch delays and failures, in-orbit failures and
competition; (3) regulatory risks, such as the effect of industry and
government regulations that affect Telesat; (4) litigation risks,
including the outcome of the new damages trial in, and any appeal of,
the patent and breach of contract litigation with ViaSat; and (5)
other risks, including a possible initial public offering at Telesat
that could adversely affect the market for our common stock. The
foregoing list of important factors is not exclusive. Furthermore,
Loral operates in an industry sector where securities values may be
volatile and may be influenced by economic and other factors beyond
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