Samsung's share price boosted by damages development

Samsung's share price boosted by damages development

Samsung's share price has been boosted by Friday's news that it only has to pay almost half of the damages Apple won its the smartphone giants' long-running patents court battle.

Friday's ruling in a San Jose court is the latest twist in one of the highest profile legal trial between manufacturers. Last year, Judge Lucy Koh ruled Samsung had copied patents owned by Apple for its iPhones and iPads and ordered the Korean phone maker to pay $1.05bn. According to Reuters, Koh said the jury had worked out the damages wrong and a new trial was needed to determine the new figure. That could be less or more than the $450.5 million originally set by the jury. The remaining $599 million worth of damages will still stand.

Koh said: 'The court has identified an impermissible legal theory on which the jury based its award and cannot reasonably calculate the amount of excess while effectuating the intent of the jury.'

A Samsung spokesperson said: 'We are pleased that the court decided to strike $450,514,650 from the jury's award. Samsung intends to seek further review as to the remaining award.'

Samsung's share price increased by 1.1% on Monday, following the ruling.

Author: Graeme Neill

Written by Mobile Today
Mobile Today


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