BlackBerry Awarded U.S. $814,868,350.00 in Arbitration Against Qualcomm
- April 12th, 2017
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WATERLOO, ONTARIO / CRWE PRESS RELEASE / April 12, 2017 - BlackBerry Limited (NASDAQ:BBRY)(TSX:BB) announced today a binding interim arbitration decision awarding BlackBerry $814,868,350.00 in royalty overpayments made to Qualcomm Incorporated. A final award including interest and reasonable attorneys' fees will be issued after a hearing on May 30, 2017.
On April 20, 2016, BlackBerry and Qualcomm entered into an agreement to arbitrate a dispute regarding whether Qualcomm's agreement to cap certain royalties applied to payments made by BlackBerry under a license agreement between the parties. The binding arbitration hearing was held in San Diego, California from February 27, 2017 to March 3, 2017 under Judicial Arbitration and Mediation Services rules. BlackBerry was represented by Sullivan & Cromwell LLP in the proceeding.
"BlackBerry and Qualcomm have a longstanding relationship and continue to be valued technology partners," said John Chen, Executive Chairman and CEO of BlackBerry. "We are pleased the arbitration panel ruled in our favor and look forward to collaborating with Qualcomm in security for ASICs and solutions for the automotive industry."
BlackBerry is a mobile-native security software and services company dedicated to securing people, devices, processes and systems for today's enterprise. Based in Waterloo, Ontario, the company was founded in 1984 and operates in North America, Europe, Asia, Middle East, Latin America and Africa. The Company trades under the ticker symbols "BB" on the Toronto Stock Exchange and "BBRY" on the NASDAQ. For more information, visit www.BlackBerry.com.
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Source: BlackBerry Limited