NEW YORK (Thomson Financial) - L-3 Communications Monday said the U.S. Court
of Appeals vacated a jury verdict of $126 million that was obtained against the
company by OSI Systems in 2006.
The court ruled that "no reasonable jury could have found that L-3 owed a
fiduciary duty to OSI" and remanded a fraud claim by OSI to the trial court for
a new trial.
The company said that following the appeal, it would update its full-year
outlook in its second quarter results on July 24.
Shares of L-3 closed Friday at $90.99 while OSI shares closed at $20.90.
Ryan Vlastelica
rv/tk1
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