DuPont Co. announced on Monday that it is stepping up its efforts to collect a $919 million damage award following a judge’s rejection of South Korea’s Kolon Industries Inc.’s attempts to secure a retrial or reduce the penalty in a case involving the theft of trade secrets.
Last September, a jury in Richmond, Virginia, ruled in favor of DuPont in a lawsuit against Kolon Industries for the theft of confidential information related to Kevlar body armor.
District Judge Robert Payne, in a late Friday ruling, declined Kolon’s request for a retrial, citing that the damages were not “excessive.”
DuPont’s General Counsel Tom Sager stated, “Now that the trial court has denied Kolon’s motions, we are initiating additional proceedings to enforce and collect the judgment.” Sager also noted that DuPont anticipates recovering legal fees and is pursuing an injunction to prevent Kolon from selling a competing fiber used in body armor production.
On Monday, Kolon’s shares saw a 1% increase, closing at 76,100 South Korean won. The company was not immediately available for comment.
DuPont’s shares were recently trading at 50.44, showing a decrease of 0.5%.
