Mattel Inc.’s trial loss in its eight-year fight with Bratz doll maker MGA Entertainment Inc. was questioned by the same federal appeals court panel that two years ago threw out Mattel’s earlier victory over its rival.
Mattel Inc. is asking the same appeals court panel that two years ago concluded the Barbie doll would thrive on competition to now reverse a $310 million jury verdict won by Bratz doll maker MGA Entertainment Inc.
Mattel Inc. , the maker of Barbie, accused rival toymaker MGA Entertainment Inc. of stealing the idea for the pouty, multiethnic Bratz doll in 2000 when it made a deal with the designer who Mattel said worked for them when he made the initial sketches for the doll.
Galleon Group LLC co-founder Raj Rajaratnam’s lawyer accused U.S. prosecutors of living in a “make-believe” and “imaginary world” where publicly available information about pending deals “didn’t exist.”
MGA Entertainment Inc., the maker of Bratz dolls, won $225 million in punitive damages, attorney fees and costs from Mattel Inc., bringing the total award in the trial over the doll’s origins to $310 million.
The U.S. Securities and Exchange Commission agreed to drop an administrative action against former Goldman Sachs Group Inc. director Rajat Gupta, and he pledged to dismiss a lawsuit claiming the regulatory proceeding violated his constitutional rights.
Credit Suisse Group AG, the Swiss bank facing possible U.S. indictment for aiding tax evasion, will likely settle with prosecutors by admitting wrongdoing and paying a penalty that may exceed $1 billion, tax lawyers said.