Haven't found the Essay You Want?
GET YOUR CUSTOM ESSAY SAMPLE
For Only $12.90/page

Accounting for a Loss Contingency for a Verdict Overturned on Appeal Essay

M International (“M”) and W Inc. (“W,” a competitor of M) have been engaged in long- standing litigation over a specific patent infringement matter. Below is a summary timeline of specific events that have taken place related to this matter:

In May 2007, W filed a claim against M for patent infringement.

For the year ended December 31, 2007, management of M determined that a loss for this matter was probable and represented that the estimate of loss was in the range of $15 million to $20 million, with $17 million being the most likely amount of loss within the range.

A jury trial took place in September 2009.

The jury reached a verdict on September 24, 2009, and a judgment was ordered in favor of W. The judgment required M to pay W $18.5 million.

In November 2009, M filed a Notice of Appeal with the Court of Appeals.

In December 2010, the Court of Appeals issued a ruling in favor of M’s appeal and reversed the lower court’s ruling on the matter. This meant that the Court of Appeals overturned the jury verdict and the $18.5 million judgment against M.

On January 6, 2011, W filed a petition for a re-hearing before the same panel of appellate judges against the reversal of ruling by Court of Appeals.

On February 10, 2011, the appellate judges declined the petition for a re-hearing.

On February 28, 2011, management of M determined this matter was closed upon discussions with in-house legal counsel.


Essay Topics:


Sorry, but copying text is forbidden on this website. If you need this or any other sample, we can send it to you via email. Please, specify your valid email address

We can't stand spam as much as you do No, thanks. I prefer suffering on my own