Apple Ordered To Pay Half A Billion Dollars In Damages
A federal jury in Tyler, Texas, has ordered Apple Inc. (NASDAQ: AAPL) to pay $532.9 million in damages, stating that iTunes software infringed on three patented innovations from Smartflash LLC, according to Bloomberg.
Following the ruling, Apple spokesperson Kristin Huguet said, "Smartflash makes no products, has no employees, creates no jobs, has no U.S. presence, and is exploiting our patent system to seek royalties for technology Apple invented. We refused to pay off this company for the ideas our employees spent years innovating and unfortunately we have been left with no choice but to take this fight up through the court system."
Smartflash was seeking up to $852 million in damages, while Apple had said the patents were worth at most $4.5 million. On Tuesday, the jury rejected arguments by Apple that the patents were invalid. Apple plans to appeal the ruling.
Shares of Apple closed Tuesday at $132.17, down 0.62 percent.
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