Trials & Litigation
PepsiCo Off Hook for $1.26B as Court Reverses Default Judgment
Posted Nov 6, 2009, 06:50 pm CST
By Martha Neil
A default judgment that required PepsiCo to pay $1.26B to two men who claimed the soft-drink giant stole their idea for bottled water was overturned today by a Wisconsin court.
PepsiCo, which received material about the lawsuit at an office in the state in which it is incorporated, rather than its New York headquarters, didn't respond to the filing until after the default judgment was issued. Today's ruling allows the company to defend the litigation, which will now proceed toward a new trial, according to the Associated Press and WKOW-TV, a local ABC News affiliate.
The news agency could not reach a lawyer for the two plaintiffs for comment.
Earlier coverage:
ABAJournal.com: "PepsiCo: Busy Secty, Mislaid Docs to Blame for Missed Hearings & $1.26B Judgment"
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