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Western Digital Corp. has said that on November 18, 2011, an arbitration award of $525 million was rendered against the company by a sole arbitrator in a pending confidential arbitration action in Minnesota. The award involves claims brought by Seagate Technology against WD and one employee who was formerly employed by Seagate, alleging misappropriation of confidential information and trade secrets.
"We do not believe there is any basis in law or fact for the damage award of the arbitrator. We believe the company acted properly at all times and we will vigorously challenge the award. This does not affect our ability to conduct our operations, to complete the recovery and recommencement of our Thailand operations or, subject to obtaining the required regulatory approvals, to consummate our planned acquisition of Hitachi GST," said John Coyne, president and chief executive officer of WD.
Seagate did not comment.
Tags: Seagate, Western Digital, WD, Business
