BlackBerry Awarded $814.9 Million in Arbitration Against Qualcomm
April 12 2017 - 9:08AM
Dow Jones News
By Imani Moise
BlackBerry Ltd. said Wednesday that it will receive a $814.9
million refund from Qualcomm Inc. after entering into binding
arbitration to settle a dispute over a licensing agreement.
The award ends a year-long dispute between the two technology
firms on whether Qualcomm's agreement to cap certain royalties
applied to payments made by BlackBerry under license.
A final award including interest and attorneys' fees will be
issued after a hearing next month.
"BlackBerry and Qualcomm have a longstanding relationship and
continue to be valued technology partners," said BlackBerry Chief
Executive John Chen.
BlackBerry stock, which was temporarily halted for news, rose
15% premarket. Shares in the Canadian company have risen 8.3% over
the past three months through Tuesday's close.
Qualcomm said it doesn't agree with the decision but is unable
to appeal. The company added that the arbitration decision is
unique to its license agreement with BlackBerry and has no impact
on any other license.
Qualcomm shares edged 1.1% lower premarket.
Write to Imani Moise at imani.moise@wsj.com
(END) Dow Jones Newswires
April 12, 2017 08:53 ET (12:53 GMT)
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