Sterlite Technologies has decided to appeal a recent federal district court verdict in a lawsuit filed against it by Prysmian Cables & Systems. STI asserts that the verdict is not supported by the evidence and testimony presented during the three-year case and believes the lawsuit was initiated for anti-competitive reasons. The court dismissed all but two of Prysmian’s claims against STI.
Earlier this month, a jury in South Carolina awarded $96.5m in damages to Prysmian Cables.
STI emphasized its longstanding global presence in the optical manufacturing industry, with over 700 patents and ten manufacturing facilities worldwide. The company remains committed to expanding its U.S. operations and continuing its involvement in federally funded and private fiber broadband projects across the country. STI’s leadership reiterated their dedication to the U.S. market and to upholding high ethical standards as they move forward with their appeal.
Key Points:
- STI to appeal federal court verdict in a lawsuit filed by Prysmian Cables & Systems.
- Court dismissed all but two of Prysmian’s claims during the three-year litigation.
- STI has a strong global presence with 700 patents and ten manufacturing facilities.
- The company is committed to expanding its U.S. operations and participating in broadband projects.
- STI continues to support its U.S. employees, distributors, and customers.
“We believe the verdict is not supported by the testimony and evidence presented at the trial and intend to appeal and vigorously pursue all available post-trial remedies,” said Ankit Agarwal, Managing Director, STL.
