NEW YORK, 19 July 2008.L-3 Communications announced that the U.S. Court of Appeals for the Second Circuit, regarding a jury verdict of $126 million obtained by OSI in 2006, found that "no reasonable jury could have found that L-3 owed a fiduciary duty to OSI," and concluded that "L-3 was entitled to judgment as a matter of law."
The court also remanded OSI's fraud claim to the trial court for a new trial, finding that the trial court incorrectly applied a lesser standard of proof than was warranted by law.
"We are very pleased with the appeals court's decision, which vindicates L-3," says Michael T. Strianese, president and chief executive officer. The company will update its financial guidance for the year ending December 31, 2008, when it reports its results for the second quarter on July 24, 2008.
