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Time sues IBM for £3m

Handy if you're in refinancing talks with your bank

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Time Computers is suing IBM for £3 million in the New York State Supreme Court.

Which could be handy as it is supposed to be in urgent refinancing talks with its bankers, HSBC.

Time is alleging that IBM committed fraud and sold it memory chips IBM knew to be defective back in 1994. The summons was served on IBM in the US last week.

According to the Observer, IBM UK has also been hit with a separate £3m suit in respect of the same components by another UK computer assembler, Adex International.

In July, Time settled a £13 million compensation claim with IBM UK over the same issue.

Time is currently suffering from falling PC prices and lower than expected Xmas demand for PCs. This, combined with the company's own headlong expansion, have forced it to change its forecasts and business plans. And seek the urgent refinancing talks. ®

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The Observer story

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