Nokia receives $2 Billion as a part of patent lawsuit settlement by Apple

515

After a patents row that escalated between Nokia and Apple in December a year ago and was settled in May, Nokia has gotten a $2 billion (generally Rs. 12,818 crores) upfront money payment from Cupertino-based tech organization as part of the settlement terms.

As per a report in TechCrunch on Friday, Nokia won’t get $2 billion every quarter – this was non-recurring catch-up revenue and Nokia hasn’t said what it intends to do with all this cash.

The spat started a year ago when the tech giants locked horns over patents, with Apple filing an antitrust lawsuit against third-party organizations Patent Assertion Entities (PAEs) that act on Nokia’s behalf, and the Finland-based firm suing Apple directly.

As indicated by the Cupertino-based tech giant, Nokia was conspiring with PAEs patent assertion entities (Acacia Research and Conversant Property Management) in an “illegal patent transfer scheme” to wring money out of Apple because Nokia’s cell phone business was failing.

Nokia additionally filed a suit directly against Apple in Europe and the US, claiming the organization was still infringing on Nokia patents.

The lawsuit secured 32 licenses, including show, user interface, software and video-coding technology.

Amid the escalating patents row with Finnish cell phone creator Nokia, Apple had additionally pulled all items made by Withings – a French organization and now a Nokia subsidiary – from Apple Stores, be it online or retail.

NO COMMENTS