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July 29, 2017

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US court overturns US$920 mil. trade secrets award to DuPont

NEW YORK--A U.S. federal appeals court Thursday overturned a ruling that ordered South Korea's Kolon Industries to pay US$920 million to rival U.S. chemical giant DuPont for alleged theft of trade secrets.

In September 2011, a jury found Kolon had stolen DuPont's trade secrets on the manufacture of Kevlar aramid fiber and ordered the company to pay damages and interest.

But the Court of Appeals in Richmond, Virginia, found that the district court had "abused its discretion, to Kolon's prejudice" and granted Kolon a new trial, according to a court document seen by AFP.

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