ICO Awarded $371 Million In Fraud Case Against Boeing
ICO Global Communications, which is working on building a satellite and land-based wireless network that aims to provide interactive media services, such as navigation, roadside assistance and the mobile video, was awarded $371 million in damages in a fraud case against Boeing. A jury late yesterday found in favor of ICO. The award includes $279 million for breach of contract and fraud with regard to satellite pricing by Boeing Satellite Systems International and another $91.6 million for fraud related to satellite launches, Barron’s reports. The company ICO said it will try to collect the money in further proceedings, and the jury will decide on Oct. 28 whether to decide whether to award any punitive damages. Boeing is appealing the decision.
SEE ALSO: Watch ICO Launch A Satellite Into Space; It Will Deliver Mobile Video And Other Services
It’s unclear what the back story is on this case, but in April ICO was expected to launch a $500 million satellite into space from Florida. The company will need millions to build its network called ICO mim, which unlike other companies that are trying to deliver mobile video to mobile phones, will deliver video to larger screens, like laptops and TV screens in cars. The service can deliver up to 15 channels of content, and ICO has been testing the technology in Las Vegas and Raleigh, N.C. Content partners include NBC Universal (NYSE: GE).
Posted In: Entertainment, Legal, Media & Publishing, TV, Social Media, Video, ico global communications
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