Philips Battles Italian TV Magnate At Trial Over $258M Loan

Law360, Wilmington (December 10, 2012, 9:41 PM EST) -- Royal Philips Electronics NV squared off in a Delaware court on Monday with an Italian businessman who accused the Dutch electronics giant of duping him into pouring €200 million ($258 million) into a television set joint venture that went belly-up in 2006.

At the first day of trial in the case, plaintiff Carlo Vichi’s financial adviser, Vittorio Necchi. testified through an interpreter that Vichi — founder of the Italian TV manufacturer Mivar di Carlo Vichi SpA — was falsely led to believe that Philips would “stand...
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