Judge Vacates $1.26B Ruling Against PepsiCo
Stock quotes in this article:
PEP
EMILY FREDRIX
MILWAUKEE (AP) A judge has tossed out a decision for now at least that could have cost PepsiCo Inc. $1.26 billion after the soft drink maker didn't respond to a lawsuit claiming it stole the idea for bottled water. The decision Friday by a Wisconsin court means PepsiCo will get its say in court now that it has found out about the case. Two men claim PepsiCo violated trade secrets and stole their idea to sell bottled water. They sued the company and two Wisconsin distributors in April but PepsiCo didn't respond for several reasons, including the fact that a secretary who received letters relating to the case failed to act on them. Last month, a judge sided with the men and gave them a default $1.26 billion judgment, granting them the award without a trial. When PepsiCo finally learned of the case, after the judgment, the company asked the court to toss out the ruling or at least give it a chance to fight the accusations.- Loading Comments...
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