TSMC sues SMIC for $1 billion

Posted on Friday, November 06 2009 @ 17:55 CET by Thomas De Maesschalck

FUD Zilla writes TSMC is looking to get $1 billion in damages from SMIC:

After winning its case against Chinese Chip maker SMIC, TSMC wants the outfit to pay it more than a billion dollars. If it gets its way, then TSMC could force SMIC to offer itself for sale to the highest bidder. Currently it has more than a billion dollars in debt and $500,000 in the bank.

TSMC stressed that the Alameda County Superior Court jury will now enter the second phase of the trial where it will review evidence of the harm TSMC suffered as a result of SMIC's misappropriation and breach of their settlement agreement from November 2009.

About the Author

Thomas De Maesschalck

Thomas has been messing with computer since early childhood and firmly believes the Internet is the best thing since sliced bread. Enjoys playing with new tech, is fascinated by science, and passionate about financial markets. When not behind a computer, he can be found with running shoes on or lifting heavy weights in the weight room.

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