- Tools for Investors
- Stock News
- Investing Ideas
- Econ & Policy
- Personal Finance
Apple’s (NASDAQ:AAPL) appeal to reduce the fine or start a new trial in its patent-infringement loss to Internet security software firm VirnetX (AMEX:VHC) has been denied, with a judge finding the $368.16 million punishment for the iPhone maker appropriate.
U.S. District Court Judge Leonard Davis had ruled in November that VirnetX’s claim that Apple’s FaceTime video chatting feature violated the former’s virtual private network patents held true. David ruled that Apple’s iPhone, iPod touch, iPad, and Mac computers infringed on four VirnetX patents. The firm had first filed the case back in November 2011, after Apple launched the iPhone 4S.
On Wednesday, the judge denied Apple’s request for a new trial and also approved a fine for $368.16 million. He also said that VirnetX would receive a daily award of $33,561 in interest and $330,201 in damages from Apple until the final judgment could be made. Davis also recommended the two companies meet to decide on royalty payment arrangements and come to an agreement within 45 days. After that deadline, if no other agreement has been reached, VirnetX’s award could be further raised.
“We are extremely pleased with the court’s order in our suit against Apple,” VirnetX chief executive Kendall Larsen said in a statement. “We look forward to negotiating a license with Apple that includes an ongoing royalty agreement.”
Don’t Miss: What Will Apple’s Meeting Today Discuss?
Don't miss one of the biggest bull markets in history! Covers Gold, Silver, Gold & Silver stocks, and miners.
There's always a bull market in some sector! Find the best opportunities in commodities.