BlackBerry Accepts Ruling of International Chamber of Commerce International Court of Arbitration in Payment Dispute Filed by Nokia
- December 01st, 2017
- 417 views
WATERLOO, ONTARIO / CRWE PRESS RELEASE / Dec. 1, 2017 - BlackBerry Limited (NYSE:BB)(TSX:BB) today announced that the International Chamber of Commerce's International Court of Arbitration has ruled against the company in a contract dispute with Nokia Corporation.
On April 28, 2016, Nokia filed a Request for Arbitration with the International Chamber of Commerce International Court of Arbitration. The dispute related to whether certain payments allegedly due under a patent license contract between the companies are in fact owed to Nokia under the terms of the agreement. On November 29, 2017, the arbitration panel awarded Nokia approximately $137 million.
The dispute did not involve any allegations of IP infringement and BlackBerry is continuing to pursue patent infringement claims against Nokia via suits filed in both Germany and the U.S.
In a prepared statement the company said: "BlackBerry is disappointed that the Court of Arbitration did not agree with our arguments in the case but we accept their decision. This ruling does not change BlackBerry's assertion that Nokia is infringing on our intellectual property and we are continuing to vigorously pursue legal remedies in both the U.S. and Germany."
BlackBerry will record the amount of the award as a one-time GAAP-only charge.
BlackBerry is a cybersecurity software and services company dedicated to securing the enterprise of things. Based in Waterloo, Ontario, the company was founded in 1984 and operates in North America, Europe, Asia, Australia, Middle East, Latin America and Africa. The Company trades under the ticker symbols "BB" on the Toronto Stock Exchange and "BB" on the New York Stock Exchange. For more information, visit www.BlackBerry.com.
BlackBerry and related trademarks, names and logos are the property of BlackBerry Limited and are registered and/or used in the U.S. and countries around the world. All other marks are the property of their respective owners. BlackBerry is not responsible for any third-party products or services.
Post Your Comments
Want To Find Some News?
January 15th, 2018January 04th, 2018December 29th, 2017August 30th, 2016