Philips Wins Arbitration Case Against Funai Electric
April 26 2016 - 2:59AM
Dow Jones News
By Tapan Panchal
Dutch company Koninklijke Philips NV (PHIA.AE) said Tuesday that
the International Court of Arbitration has ruled in favor of the
company in a 2013 arbitration case against Japanese consumer
electronics company Funai Electric Co. Ltd. (6839.TO).
The court has ordered Funai to pay Philips 135 million euros
($151.46 million) as a compensation for damages, Philips said.
Philips instigated the case after terminating an agreement to
transfer the audio, video, multimedia and accessories business to
Funai due to a breach of contract.
Write to Tapan Panchal at tapan.panchal@wsj.com
(END) Dow Jones Newswires
April 26, 2016 02:44 ET (06:44 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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