Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Omega Corporation is involved in a lawsuit brought by a competitor for patent infringement. The competitor is asking $14 million actual damages for lost
Omega Corporation is involved in a lawsuit brought by a competitor for patent infringement. The competitor is asking $14 million actual damages for lost profits and unspecified punitive damages. The lawsuit has been in progress for 15 months and Omega has worked closely with its outside counsel preparing its defense. Omega recently requested its outside attorneys with the firm of Wolfe & Goodwin to provide information to its auditors. The managing partner of Wolfe & Goodwin asked four different lawyers who have worked on the case to prepare a concise response to the auditors. The auditors received these responses from the lawyers: 1. The actions involves unique characteristics in which authoritative legal precedents bearing directly on the plaintiff's claims do not seem to exist. We believe the plaintff will have serious problems establishing Omega's liability; nevertheless, if the plaintiff is successful, the damage award may be substantial. 2. In our opinion. Omega will be able to defend this action successfully, but, if not, the possible liability to Omega in the proceeding is nominal in amount. 3. We believe the plaintiff's case against Omega is without merit. 4. In our opinion, Omega will be able to assert meritorious defenses and has a reasonable chance of sustaining an adequate defense with a possible outcome of settling the case for less than the damages claimed. Based on these four responses, determine whether you believe that the likelihood of an adverse outcome is remote or additional information is required. If you sought the opinion of the plaintiffs counsel, what response would you believe they might have on the likely outcome of the lawsuit?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started