Word: settlements
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AWARDED. An $8.1 million settlement to SHUJI NAKAMURA, 50, engineer who helped Nichia Corp. develop the blue light-emitting diode (LED), a semiconductor device used in everything from cell phones to traffic lights; by Tokyo's High Court; in Tokyo. Piqued by a $200 bonus for what Nichia claimed was merely a contribution to a team project, Nakamura sued his former employer in 2001, seeking a greater share of the profits from its LED patents and winning $194 million from a district judge. Although that decision was overturned, the $8 million payout, which Nakamura reluctantly accepted, marks the largest-ever...
Some view the extraction of personal assets as harsh in the case of WorldCom, where the directors were never found to have had knowledge of the company's crooked bookkeeping. (The directors owned so much WorldCom stock that they lost $250 million in its collapse.) In any event, the settlement could influence penalties in other high-profile cases, such as the shareholder suit against Walt Disney Co. directors over the $140 million paid to former president Michael Ovitz. Charles Elson, director of the Weinberg Center for Corporate Governance at the University of Delaware, says the WorldCom deal could have...
Catholics and protestants in Northern Ireland have seen peace deals fall apart time and again. But when the latest push for a final settlement between nationalists and unionists ran aground last week, it was due to a novel deal breaker: a $50 million bank heist. Ulster's Chief Constable, Hugh Orde, announced Friday that he believed the brazen Dec. 20 robbery from the Belfast headquarters of Northern Bank had been the work of the I.R.A. - a statement that immediately derailed a power-sharing deal that had seemed close to a positive conclusion just weeks earlier. The I.R.A. denied involvement...
...partnership with the junta, Unocal "aided and abetted" the Burmese army as its soldiers allegedly burned a baby to death, raped women and girls and forced villagers into slave labor to clear a path for the pipeline. Unocal has declined to comment beyond the statement outlining the settlement, which says that the company "respects human rights in all of its activities...
...Although there have been several attempts to sue American multinationals in relation to human-rights abuses overseas under the 1789 statute, the Unocal case is the first time that a defendant has concluded a settlement under which compensation will be paid. "I'm thrilled with the outcome of this case," said Katherine Redford of Washington D.C.-based law firm EarthRights International, who conceived of the suit after visiting the Thailand?Burma border a decade ago as a law student. "General counsel for corporations around the world will pay considerable attention to this settlement," says Sean Murphy, a professor of international...