Jury Awards Apple (AAPL) $290 Million in Samsung Patent Suit
Shares of Apple (AAPL) closed up +6.14 or +1.19 percent to $521.14 per share on Thursday, after a federal jury reached a verdict awarding Apple $290 million in damages from rival Samsung Electronics. The verdict covered 13 older devices of the 26 products Samsung manufactured that infringed on Apple patents. The verdict, reached by a federal jury consisting of eight members after three days of deliberations, is the latest round of the ongoing patent suit against Samsung by Apple.
The amount in damages approximated what Apple sought against Samsung for copying Apple technology used in smartphones.
Cupertino, California based Apple Inc., originally called Apple Computer was founded in 1976 and changed its name in 2007 to reflect its shift towards consumer electronics. Apple is the second largest information technology company in the world by revenue after Samsung and the worldâ s third largest mobile phone maker after Samsung and Nokia (NOK
). Apple had originally won a verdict of $1.05 billion against Samsung last year in federal court in San Jose, California. Nevertheless, in March, U.S. District Judge Lucy Koh reduced the amount by $410.5 million after the court found the verdict was flawed due to a miscalculation over the period of infringement that occurred on 13 of the Samsung devices. Apple asked the court to restore $380 million of the amount cut, while Samsung recommended a $52 million award. To date, total damages incurred by Samsung in the patent litigation against Apple Inc. stands at $930 million making it the fifth largest jury award in the United States this year. Lauren Restuccia, a spokesperson for Samsung expressed the companyâ s disappointment with the verdict, and that it â
Published on Nov 22, 2013
By Jay Hawk