Garmin faces investor lawsuit

Investors filed a $1.9 billion lawsuit against three GPS receiver manufacturers, including Garmin International, over LightSquared, a now bankrupt company that still hopes to build a wireless broadband network across the United States. The suit, filed Friday, alleges that Garmin International, Deere & Co. and Trimble Navigation, plus the U.S. GPS Industry Council and the Coalition to Save Our GPS, are liable for failing to warn investors about the problems that have forced a halt to the project. – Soundings, full story