Western Digital (WDC) Trades Lower Following $525M Arbitration Judgment Loss
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Western Digital Corp. (NYSE: WDC) shares are trading in the red Monday following a decision in pending arbitration brought about by Seagate Technology (NYSE: STX).
According to a release, Western Digital will pay $525 million in a settlement, which was decided by "a sole arbitrator in a pending confidential arbitration action in Minnesota."
The fine doesn't include any prejudgement interest.
Seagate brought up the claims, alleging misappropriation of confidential information and trade secrets by Western Digital. One former Seagate employee was also involved.
Western Digital shares are about 2 percent lower in mid-day action.
According to a release, Western Digital will pay $525 million in a settlement, which was decided by "a sole arbitrator in a pending confidential arbitration action in Minnesota."
The fine doesn't include any prejudgement interest.
Seagate brought up the claims, alleging misappropriation of confidential information and trade secrets by Western Digital. One former Seagate employee was also involved.
Western Digital shares are about 2 percent lower in mid-day action.
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