A Chinese typeface development company must pay a $414 million default judgment against it, after the California Supreme Court said Thursday that it had agreed to accept service by mail.
A ruling by a lower court, dismissing the judgment, misinterpreted California law and could upend decades of contractual obligations, Judge Carol A. Corrigan wrote for the court.
Changzhou SinoType Technology Co. and Rockefeller Technology Investments Asia VII were in discussions to start a new company, but those fell through in 2011.
Rockefeller sought arbitration under the terms of an earlier agreement. Changzhou never appeared, and Rockefeller was awarded $414 million. ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.
