Tenth Circuit Court of Appeals Affirms Verdict in Favor of ClearOne against Biamp Systems for $3.7 Million
Tenth Circuit Court of Appeals Affirms Verdict in Favor of ClearOne against Biamp Systems for $3.7 Million
August 10, 2011
Tenth Circuit Court of Appeals Affirms Verdict in Favor of ClearOne against Biamp Systems for $3.7 Million
The amount of ClearOne’s judgment against Biamp is estimated to be $3.7 million, not including additional amounts that may be awarded. This amount reflects reductions by the Tenth Circuit Court of Appeals of approximately $1.1 million from the federal district court’s previous judgment of about $4.8 million.
Pursuant to a prior order of the federal district court, Biamp had deposited in escrow the sum of approximately $3.7 million, to protect ClearOne and serve as a bond on appeal. ClearOne will immediately seek release of these monies to satisfy judgment in its favor.
In earlier opinions dated June 27, 2011 and July 8, 2011, the Tenth Circuit affirmed in all respects the jury verdict and related awards against Andrew Chiang, Jun Yang, Lonny Bowers, WideBand Solutions, Inc., and Versatile DSP, Inc., and the federal district court’s contempt and related findings against Donald Bowers. ClearOne has not recovered any material amounts in satisfaction of its judgments against these parties.
The Tenth Circuit Court of Appeals is yet to rule upon ClearOne’s request for additional awards of prejudgment interest and attorney fees against Biamp.
SALT LAKE CITY, UTAH (August 8, 2011) — The United States Court of Appeals for the Tenth Circuit issued an opinion today, affirming a November 2008 jury verdict issued by a federal district court in favor of ClearOne (NASDAQ: CLRO) against Biamp Systems Corp. (“Biamp”), for theft of ClearOne’s trade secrets, including the federal district court’s award of exemplary damages based upon the finding that Biamp’s misappropriation was willful and malicious. In its ruling, the Tenth Circuit Court of Appeals reduced the amount of ClearOne’s judgment on two categories of ClearOne’s damages, but otherwise affirmed Biamp’s liability to ClearOne on every component of ClearOne’s judgments against Biamp for theft of ClearOne’s trade secrets, including awards for lost profits, unjust enrichment, exemplary damages based upon Biamp’s willful and malicious conduct, taxable costs, and attorney fees and costs.
The amount of ClearOne’s judgment against Biamp is estimated to be $3.7 million, not including additional amounts that may be awarded. This amount reflects reductions by the Tenth Circuit Court of Appeals of approximately $1.1 million from the federal district court’s previous judgment of about $4.8 million.
Pursuant to a prior order of the federal district court, Biamp had deposited in escrow the sum of approximately $3.7 million, to protect ClearOne and serve as a bond on appeal. ClearOne will immediately seek release of these monies to satisfy judgment in its favor.
In earlier opinions dated June 27, 2011 and July 8, 2011, the Tenth Circuit affirmed in all respects the jury verdict and related awards against Andrew Chiang, Jun Yang, Lonny Bowers, WideBand Solutions, Inc., and Versatile DSP, Inc., and the federal district court’s contempt and related findings against Donald Bowers. ClearOne has not recovered any material amounts in satisfaction of its judgments against these parties.
The Tenth Circuit Court of Appeals is yet to rule upon ClearOne’s request for additional awards of prejudgment interest and attorney fees against Biamp.