Caterpillar hit with $100 million US jury verdict in importer's lawsuit
By Mike Scarcella
April 17 (Reuters) -Caterpillar CAT.N owes $100 million to an importer that accused the heavy equipment maker of unlawfully interfering with a key sales agreement and driving it out of business, a Delaware federal jury said on Tuesday.
The jury concluded that Irving, Texas-based Caterpillar was responsible for contract-related damages suffered by the importer, International Construction Products (ICP).
Caterpillar did not immediately respond to requests for comment on Wednesday. The verdict,which followed nearly 10 years of litigation and about two weeks of trial,can be appealed.
“This victory not only vindicates our client's perseverance but also sets a precedent for resilience and justice in the face of adversity,” said ICP's lawyer William Isaacson. He said the company's business had been “devastated.”
Asheville, North Carolina-based ICP, founded in 2013, billed itself as an innovator that was importing and selling new heavy construction equipment directly to consumers through the industry’s dominant online forum, IronPlanet.
IronPlanet was founded in 1999 as an online auction platform for used construction and other equipment. According to the lawsuit, IronPlanet in 2014 ended its contract with ICP “as a direct result of pressure from Caterpillar and others.”
Caterpillar countered that ICP had "decided to stop doing business with IronPlanet.” It denied at the trial that it interfered with ICP’s business agreement with IronPlanet, and also argued that ICP had not shown it sustained any damages.
ICP's 2015 lawsuit alleged violations of U.S. antitrust law along with its contract claim. The lawsuit said the termination of the contract was "contrary to IronPlanet's economic interest."
The jury rejected ICP's antitrust claim but ruled against Caterpillar on the contract claim.
The case is International Construction Products LLC v. Caterpillar Inc, U.S. District Court for the District of Delaware, No. 1:15-cv-00108.
For ICP: William Isaacson, Amy Mauser and David Cole of Paul, Weiss, Rifkind, Wharton & Garrison
For Caterpillar: Joseph Ostoyich of Clifford Chance; and Paul Cuomo and Heather Souder Choi of Baker Botts
Read more:
Deere's Wirtgen wins $12.9 mln from Caterpillar in road-construction patent trial
Freight train maker Westinghouse Air Brake sued by rival over antitrust claims
Reporting by Mike Scarcella
Mga Kaugnay na Asset
Pinakabagong Balita
Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.
Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.
Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.
