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WD Seeks Injunctive Relief Over Sale to Asian Firms
TECHNOLOGY
Circle July 14 on the calendar.
That's when the Chamber of Commerce International Court of Arbitration in San Francisco will hear arguments by San Jose-based Western Digital Corp. contending Toshiba Corp. violated terms of their joint venture in agreeing to sell its flash memory business to a consortium led by SK Hynix Inc. in South Korea and the Japanese operation of Bain Capital, with funding from state-run Innovation Network Corp. of Japan and Development Bank of Japan Inc.
Toshiba has dismissed those claims and filed a lawsuit against Western Digital last week, seeking a permanent injunction and $1.1 billion in damages for interfering with the sale.
The developments could hold long-term ramifications for OC, where Western Digital and Toshiba operate major hubs. Toshiba entered the year as the third biggest foreignowned company, with 1,745 local employees. Western Digital, winch recently moved its headquarters from Irvine to Silicon Valley, entered...