Philips Not Liable For TV Magnate's €200M Loan Loss: Judge

Law360, Wilmington (February 19, 2014, 9:46 PM EST) -- A Delaware Chancery judge ruled Tuesday that Italian television magnate Carlo Vichi had not shown that Dutch electronics giant Koninklijke Philips Electronics NV was liable on claims it misled him into lending €200 million ($274 million) to a massive failed joint venture between the company and LG Electronics Inc.

In a 182-page opinion, Vice Chancellor Donald F. Parsons wrote that Vichi never proved that two salespeople he claims persuaded him to execute the loan were Phillips’ official agents, nor did he establish that the joint venture’s alleged participation...
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