BlackBerry wins $815 million in dispute with Qualcomm
Apr 12 2017 by Johnny Bowman
SAN DIEGO, April 12, 2017 /PRNewswire/ Qualcomm Incorporated (NASDAQ:QCOM) announceda binding interim arbitration award requiring Qualcomm to refund a sum of $814.9 million, plus interest and attorneys' fees, to BlackBerry Incorporated related to royalties forcertain past sales of subscriber units.
BlackBerry has won a significant royalties award from Qualcomm.
Qualcomm and BlackBerry had entered into an agreement in April a year ago to arbitrate a dispute over whether Qualcomm's agreement to cap certain royalties applied to payments made by BlackBerry under a license agreement between the two companies.
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Both companies agreed to arbitration proceedings, which led to the award announced today. The Canadian company's US -traded shares jumped more than 18 percent in premarket trade on the news.
"BlackBerry and Qualcomm have a longstanding relationship and continue to be valued technology partners", BlackBerry Chief Executive Officer John Chen said in the statement. Chen said he looked forward to collaborating with Qualcomm in security for application-specific integrated circuits and technology for automotive applications, markets BlackBerry has entered after stopping making phones to focus on software. Qualcomm was down about 1 percent at $54.81.
The suit also charges that Qualcomm is "attempting to extort" Apple into obstructing the investigation into Qualcomm's monopolistic practices. Apple alleged that Qualcomm was retaliating for being willing to work with law enforcement agencies that were investigating it.