Western Digital Loses $525Mil to Seagate
Allegedly, Western Digital and a former Seagate employee misappropriated confidential information and trade secrets which resulted in a lawsuit by Seagate. Seagate was awarded $525 Million which also includes a prejudgment interest, which has yet to be determined.
Western Digital said it would challenge the arbitration ruling as there is no legal basis to it.
John Coyne, Western Digital CEO, said in a statement, ”We believe the company acted properly at all times and we will vigorously challenge the award,” The ruling will not hurt the company’s ongoing operations, which have been disrupted by the flooding in Thailand.