Court orders Japan's Funai to pay Philips 135 mln euros over failed 2013 deal

April 26, 2016 6:22 AM

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AMSTERDAM Philips (PHG.AS) said on Tuesday an arbitration court had ordered Japan's Funai Electric (6839.T) to pay it 135 million euros ($152 million) over the 2013 collapse of a deal for the Japanese firm to buy a business from the Dutch company.

Philips claimed breach of contract when Funai didn't follow through on its purchase of Philips' audio and video businesses, including the Magnovox brand, which at the time was one of the company's few remaining consumer brands.

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