Read about Solar World, Hemlock, and Dow Chemicals and the latest court ruling.
SolarWorld damages listed at US$793 million. Article by PVTech
The proposed final judgement in SolarWorld’s case with Hemlock has been set at US$793 million plus costs and interest.
On 13 July the judge in the case granted Hemlock’s requests for summary judgement and indicated that he had found in favour of Hemlock. He gave the company a week to submit its proposed damages.
Another Story is from By Franz Hubik
SolarWorld Faces Massive Damages in U.S.
By Franz Hubik
A U.S. court has ruled that SolarWorld, Germany’s biggest solar panel manufacturer, must pay substantial damages of up to $770 million to one of its suppliers over a dispute about a silicon contract. But the company has no way of paying the sums demanded.
On the surface this doesn’t seem to have merit, but when you dig into the story is has much more to do with fed policy and Dow Chemicals. This is a story of fed policy toward china dumping in America. This is what Trump said, how trade deals destroy American companies. There are other articles to enlighten you on the details like this article by the daily caller.
A U.S. Judge’s decision to prevent a lawsuit from going to a trial by jury could cost Germany-based SolarWorld $770 million.
The judge’s decision will prevent the case from going to a jury trial, meaning that he alone will make a decision on the case. That’s bad news for SolarWorld, since last month the same judge declined a request by SolarWorld to reopen evidence gathering. The judge instead demanded the company submit no more than 10 pages of written evidence.
If SolarWorld loses, the consequences could be dire, even “threatening the continued existence” of the company, according to the company’s annual report. The suit’s damages exceed the SolarWorld’s annual sales of $760 million, and is four times the amount of cash the company has on hand. Solarworld is also about $242 million in debt.
“A date on which such judgement will be announced has not yet been set by the court,” SolarWorld said in a Thursday statement.“If the court should decide in favor of the plaintiff, SolarWorld Industries Sachsen GmbH will appeal against this judgment of the first instance in the United States.”
Read more: https://dailycaller.com/2016/07/15/solar-company-set-to-lose-lawsuit-worth-770-million/#ixzz4Fd5rgewk