Boeing Company has announced in its recent 10-K filing (9 February 2009) that it has prevailed in an arbitration brought by insurers in respect of a defective model 702 satellite.   Insurers of Thuraya Satellite Telecommunications (Thuraya) commenced arbitration in 2004 alleging that Boeing Satellite Systems International, Inc. (BSSI) breached its contract with Thuraya for the sale of a satellite that experienced power loss issues. The claim against Boeing was valued at $365million:  $219 million (plus  interest, costs and fees)  comprising indemnity payments made by insurers to Thuraya and a further amount of uninsured losses that Thuraya reserved its right to claim. On January 7, 2009, the ICC issued a final decision rejecting insurers’ claims and awarding defense costs to BSSI.