Federal Appeals Court rules against Dish Network and EchoStar Inc. and in favor of Dish Network. For more information regarding the most selected news hitting the Stock Market, make sure to visit the Most Exclusive and Leading in Depth newsletter website at: http://www.wallstreetgrand.com/.
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A federal appeals court declared on Thursday a contempt finding against Dish Network Corp (NASDAQ:DISH) and EchoStar Corp (NASDAQ:SATS) in their long-running patent case against digital video recorder maker TiVo Inc (NASDAQ:TIVO), sending TiVo shares soaring 52 percent.
The U.S. District Court for Eastern Texas had previously imposed contempt sanctions against sister companies Dish and EchoStar for violating a court-ordered permanent injunction to stop making and selling DVRs.
TiVo said it was pleased with the appeals court ruling, and said it paves the way for the company to receive $300 million in damages and contempt sanctions awarded to it for EchoStar's infringement through July 1, 2009.
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