Despite being the target of a second takeover bid by Scottish-based First Tech this week, Nautronix scored a big victory in the US courts after its American attorneys told the Fremantle-based marine technology company its litigation action against certain Underwriters at Lloyds of London had been successful.
Nautronix informed the stock exchange today that the favourable ruling meant now that the only issue in dispute will be the value of the damages payout.
Nautronix said that this figure will be decided by a jury in a San Diego Court scheduled for November. The company said its US attorney believed that the figure will likely be in excess of $US13 million.
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