Former Raytheon Unit Gets $3.5M Judgment Overturned

Law360, New York (May 10, 2012, 8:16 PM EDT) -- A Texas appeals court has overturned Boccard USA Corp.'s $3.5 million jury verdict against Raytheon Co. over a contract dispute involving an African methanol plant, ruling Thursday that only a former Raytheon subsidiary's bankruptcy estate had standing to sue Raytheon as the subsidiary's alter ego.

The court ruled that under the law in Delaware and Pennsylvania, where Raytheon and its former subsidiary United Engineers International Inc. are incorporated, an insolvent company can pierce its own corporate veil to access the assets of its parent under the...
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