By Tapan Panchal

Dutch company Koninklijke Philips NV (PHIA.AE) said Tuesday that the International Court of Arbitration has ruled in favor of the company in a 2013 arbitration case against Japanese consumer electronics company Funai Electric Co. Ltd. (6839.TO).

The court has ordered Funai to pay Philips 135 million euros ($151.46 million) as a compensation for damages, Philips said.

Philips instigated the case after terminating an agreement to transfer the audio, video, multimedia and accessories business to Funai due to a breach of contract.

Write to Tapan Panchal at tapan.panchal@wsj.com

(END) Dow Jones Newswires

April 26, 2016 02:44 ET (06:44 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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