South Korean company settles litigation over trade secrets
05/05/2015 // West Palm Beach, Florida, US // JusticeNewsFlash // Justice News Flash // (press release)
Delaware – A South Korean company has agreed to pay restitution after being accused of stealing trade secrets involving Kevlar technology. As reported by the Associated Press (AP), Kolon Industries Inc. also pleaded guilty to federal conspiracy charges on Thursday, April 30.
In settling both legal matters, the company has been sentenced to pay criminal fines of $85 million and agreed to pay $275 million in restitution to lawsuit plaintiff the DuPont Co.
In 2012, Kolon and five employees were charged with engaging in a seven-year conspiracy for trade secret theft. The company allegedly conspired to steal trade secrets that involved synthetic fibers used in Kevlar body armor products and others.
The accused employees reportedly did not appear in U.S. court to face the charges; however, the company pleaded guilty in federal court to one conspiracy count.
Dana Boente, U.S. Attorney for the Eastern District of Virginia, stated of the case, “Research and development are pillars of our economy, and we cannot allow anyone to obtain by theft what innovators develop through effort and ingenuity.”
Justice News Flash delivers the latest in World Business News.
Address: 215 South Olive Suite 300 W. Palm Beach FL 33401