Korean Shipbuilder's $4.7M Contract Deal Nixes Prior Verdict

Law360, New York (October 26, 2012, 6:26 PM EDT) -- The Texas Supreme Court on Friday scuttled a roughly $4 million verdict against Daewoo Shipbuilding & Marine Engineering Co. Ltd. in light of its $4.7 million settlement in a commission dispute with a consultant over a $696 million contract to build supertankers.

The court granted a joint request by Daewoo and Ikanco Inc., which had claimed it helped the Korean shipbuilder win the supertanker contract, to vacate the July ruling by the 14th Court of Appeals, and remanded the suit to the trial court for a...
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