Court leaves Polaris facing $34M outlay

Article Abstract:

Polaris Industries Inc., a Minneapolis, MN-based maker of personal watercraft, snowmobile and all-terrain vehicles, will be facing a $34-million outlay after the US Court of Appeals for the Federal Circuit reinstated a Colorado District Court jury verdict on a trade secret misappropriation suit filed by Injection Research Specialties Inc. In addition to upholding the $34-million award money, the jury also requested a lower court to compute prejudgement interest. As a result of the damage and interest award, Polaris would post a net loss for the third quarter of 1998, but its income from operations would remain intact.

Comment:

Faces $34-mil outlay after court upheld ruling on trade secret violation suit filed by Injection Research Specialties Inc

Legal issues & crime, All Other Transportation Equipment Manufacturing, Misc Transport Equipment, Polaris Industries Inc. (Medina, Minnesota), Transportation equipment

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Congress hikes fishing, boating funds

Article Abstract:

Congress has secured funding increases for the Aquatic Resources Trust Fund and Sport Fish Restoration Account when it passed the Transportation Equity Act for the 21st Century (TEA 21) in June 1998. TEA 21 will realize a projected $135 million raise in revenue transfers to the Aquatic Resources Trust Fund, which backs up the Federal Aid in Sport Fish Restoration Program. The act secures that the fund receives 13 cents of every 18.3 cents in federal tax collected on every gallon of gasoline used by boaters starting on Oct. 1, 2001. The figures will increase to 13.5 cents on Oct. 1, 2003.

Comment:

Congress secures funding increases for Aquatic Resources Trust Fund & Sport Fish Restoration Account when it passes TEA 21

Government expenditures, Regulation of Agricultural Marketing and Commodities, Fisheries Programs, Fishery policy

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