VAN NUYS, Calif., Aug. 16, 2011 /PRNewswire/ -- Today the honorable Judge David O. Carter of the U.S. District Court in Santa Ana denied Mattel's request to post bond pending appeal of the case to the Ninth Circuit Court of Appeals and ordered Mattel to post $315 million bond by August 23, 2011.
On April 21, 2011, a jury found Mattel guilty of theft and awarded MGA $88.4 million, later reduced to $85 million for duplication. On August 4, 2011, Judge Carter ruled that Mattel must pay MGA an additional $85 million in punitive damages for "willfully and maliciously" misappropriating MGA's trade secrets and $139,887,177 to cover MGA's legal fees and costs, for a total of $309,887,177.
"This ruling allows us to finally collect a portion of the damages inflicted by the 'Toy Monster' on MGA and its employees at the end of the appeal process without any further delay." said Isaac Larian, CEO MGA Entertainment. "After Mattel destroyed the only brand that challenged Barbie in 50 years and lost a jury verdict that found Mattel stealing from MGA, Mattel's appeal and subsequent request to stay execution of judgment shows the continued arrogance of Mattel and its management team."
CONTACT: Susan Hale, Director, Public Relations, MGA Entertainment, +1-818-221-4326
SOURCE MGA Entertainment