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Earlier, I got an email from a reader who's source told him that the jury was dismissed today from the trial to decide damages on the Upper Deck vs. Konami Lawsuit. As we have found out, the hearing was scheduled to start today, but it looks as if the two sides have settled on a price. On January 13, a judge decided that UD was at fault for their negligent handling of the counterfeit Yu-gi-oh cards, which led to a lot of commentary on this site and others. Today, the hearing to weigh the extent of the damages was supposed to start, but it looks like Konami got what they wanted before there was a trial.
I said before that UD deserved what was coming to them after McWilliam confessed to shredding the fakes in his office, an action I think says a lot about the company. Im guessing that the settlement amount was a lot, but we will surely never hear a number that is more than speculation.
There is surely more to come, and I will have it when it does.
EDIT: This story has now been confirmed, a big thank you to my source for the early heads up!
If Upper Deck has agreed to an amount it likely means that the amount isn't significant enough to cripple them.
ReplyDelete600,000 worth of cards printed Alex? I wouldn't be so sure is significant.... I'm sure UD offered to settle earlier but I'm sure the amount wasn't enough to cover the damages. Smart move by UD to settle before the trial, because I'm sure more daming evidence would've come out. UD could've also settled to pay a certain amount yearly over a number of years.
ReplyDeleteNY Post reported that Konami was asking between 50MM and 150MM to settle. Apparently there will be 2 payments to Konami. According to the article, this case severely hurt the company financially and is on the verge of bankruptcy. With 2 settlement payments of that amount, compounded with the economic conditions over the past 2 years, I believe personally that this has severely crippled UD. Be intereting to see if they survive this and the upcoming legal battle with MLB.
ReplyDeleteApparently Konami fired back at UD today in response to UD's press release of the settlement. Sports Collectors Dailey is reporting that Konami quoted UD's own lawyer Richard Howell during his opening statement, "At this point, Upper Deck doesn't have a lot of Life Points. We're talking about behavior that, from a defense attorney's standpoint, I can't defend and I am not going to defend," Howell was quoted as saying. "I'm here defending a counterfeiter. And now I have to deal with that issue." That's a pretty harsh comeback by Konami. Sports Collectors Dailey is also reporting that UD will make 3 settlement payments to Konami, which is different than 2 payments that I had heard previously.
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