VirnetX $368M Jury Verdict Against Apple Upheld
VirnetX Holding Corporation (NYSE: VHC), an Internet security software and technology company, announced today that on February 26, 2013, the United States District Court for the Eastern District of Texas, Tyler Division, issued its Memorandum Opinion and Order ("Order") regarding post-trial motions resulting from the prior $368 million jury verdict ("Verdict") for VirnetX in the ongoing patent infringement action between VirnetX Inc. ("VirnetX") and Apple (NASDAQ: AAPL).
In the Order, the Court denied Apple's motion to reduce the damages awarded by the jury for past infringement. The Court further denied Apple's request for a new trial on the liability and damages portions of the Verdict. Additionally, the Court granted VirnetX's motions for pre-judgment interest, post-judgment interest, and post-verdict damages to date. Specifically, the Court ordered that Apple pay $33,561 in daily interest up to final judgment and $330,201 in daily damages for infringement up to final judgment for certain Apple devices included in the Verdict.
The Court denied VirnetX's request for a permanent injunction. In doing so, the Court ordered the parties to mediate over a license in the next 45 days for Apple's future infringing use not covered by the Court's Order. If the parties fail to agree to a license, the Court requests that VirnetX file the appropriate motion with the Court.
In light of this result, VirnetX intends to withdraw its complaint filed with the United States International Trade Commission (ITC) against Apple Inc. and pursue comprehensive relief from Apple's infringement through the district court system.
"We are extremely pleased with the Court's Order in our suit against Apple," said Kendall Larsen, VirnetX CEO and President. "We look forward to negotiating a license with Apple that includes an ongoing royalty agreement."
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