Monday, July 20, 2009, 7/20/2009 09:54:00 AM

$36 Million Trade Secret Verdict Loser, Luna Innovations, Files for Bankruptcy

By Todd
Trade secrets trials have consequences. We covered this $36 million trade secret verdict here: http://wombletradesecrets.blogspot.com/2009/06/post-trial-motions-filed-in-363-million.html.

Now the defendant, Luna Innovations, has filed for bankruptcy protection in federal court in Virginia. As you might understand, the filing of the bankruptcy petition effectively stays the court proceedings in California where the trial court judge was supposed to consider post-trial motions to reduce, or increase, the jury verdict awarded. We understand that Hansen is claiming as much as $6 million in attorneys' fees in connection with the jury verdict. Instead of awaiting those decisions by the trial court, Luna Innovations decided to change the playing field from California to Virginia. What's interesting, to us at least, is that the $36 million verdict has not been entered a final judgement against Luna Innovations - thus Luna Innovations is going to be asking a federal bankruptcy judge in Virginia to examine and reduce the California state jury verdict which has not even been entered yet or appealed to the California appellate courts.

Luna Innovations motion to reduce the trial verdict can be reviewed here: http://newsroom.law360.com/articlefiles/112052-Luna_Motion.pdf.

We'll continue to report regarding this case.

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