U.S. Federal Court Affirms STMicroelectronics' Award Against Credit Suisse
Geneva / 24 Mar 2010
In connection with its legal action to recover from Credit Suisse the amount invested in unauthorized auction rate securities against the Company's instructions, STMicroelectronics (NYSE:STM) received late yesterday a court ruling affirming the unanimous arbitration award in its favor for more than US$431 million, including collected interest, entered in February 2009 by FINRA.
The ruling of the federal district court in New York denied Credit Suisse's motion to vacate the award, also granting the Company's petition to affirm the award and directing Credit Suisse to pay the Company the unpaid balance. Based on the ruling the Company should receive approximately US$354 million, which include approximately US$23 million of interest to date, in addition to the approximately US$75 million previously received in December upon selling a portion of these securities.
Please refer to our Annual Report on Form 20-F filed with the SEC on March 10, 2010 for a more complete description of this matter.
About STMicroelectronics
STMicroelectronics is a global leader serving customers across the spectrum of electronics applications with innovative semiconductor solutions. ST aims to be the undisputed leader in multimedia convergence and power applications leveraging its vast array of technologies, design expertise and combination of intellectual property portfolio, strategic partnerships and manufacturing strength. Further information on ST can be found at www.st.com.
