LegalJul 31, 2026, 05:02 PM
Franklin Wireless Subsidiary Ordered to Pay $3.67M in Damages
AI Summary
Franklin Wireless Corp.'s South Korea-based subsidiary, Franklin Technology Inc. (FTI), was ordered by the Seoul Central District Court to pay approximately $3,673,336 USD in damages to Partron Co., Ltd. The ruling also includes accrued interest at 5% per annum and ongoing post-judgment interest at 12% per annum. The dispute stems from a commercial contract for device development and production. The company is currently reviewing the decision with its legal counsel and plans to appeal and vigorously defend its position.
Key Highlights
- Seoul Central District Court ruled against Franklin Technology Inc. (FTI), a subsidiary.
- FTI ordered to pay Partron Co., Ltd. approximately $3,673,336 USD in damages.
- Accrued interest at 5% per annum from November 4, 2022, through July 16, 2026.
- Ongoing post-judgment interest at 12% per annum from July 17, 2026.
- The dispute relates to a commercial contract for device development and production.
- Company is reviewing the decision with legal counsel to evaluate all legal options.
- Company intends to file an appeal to a higher court and vigorously defend its position.
- priority
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